Novo Nordisk Seeks to Muscle Out Pfizer With Up to $9 Billion Bid for Metsera — Update

By Dominic Chopping

Novo Nordisk launched a bid valued at up to $9 billion for obesity-drug developer Metsera, hoping to trump an already agreed-on deal Pfizer made for the U.S. company last month.

The Danish drugmaker said it offered $56.50 a share in cash for Metsera, plus potentially a further $21.25 a share based on clinical and regulatory milestones.

The proposal is currently subject to review by the Metsera board of directors, Novo Nordisk said.

Shares in Nasdaq-listed Metsera surged 17% in premarket trading. Novo Nordisk shares fell 3.2% in Copenhagen.

The move comes after Pfizer last month agreed on a deal valued at up to $7.3 billion for the company as it maneuvers to get back into the obesity space and take a slice of the burgeoning market. It scrapped its experimental weight-loss pill earlier this year over concerns about potential liver damage.

A deal for Novo Nordisk would bring Metsera's pipeline of developmental injectable and oral obesity treatments to its portfolio, including a once-monthly jab that is in phase 2 development.

Novo Nordisk has been on a shopping spree in recent months as part of a major shake-up at the company that began with the appointment of a new chief executive earlier this year. Mike Doustdar has moved to reshuffle the leadership team and boost the pipeline of drugs after the company started to lose market share in the obesity market to rivals and alternative products.

Last week the company said it would replace its chairman and other board members after the Danish pharma giant's controlling shareholder pushed for more changes to revive the company's success in the weight-loss market.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

October 30, 2025 07:03 ET (11:03 GMT)