Novo Nordisk Seeks to Outmuscle Pfizer With Up to $9 Billion Bid for Metsera — 2nd 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 maker of Wegovy and Ozempic 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 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.

Pfizer on Thursday described Novo Nordisk's proposal as "reckless and unprecedented"

The U.S. company accused Novo Nordisk of attempting to suppress competition. It alleged that the deal structure aimed to circumvent antitrust laws while carrying regulatory and execution risk.

"The proposal is illusory and cannot qualify as a superior proposal," it said. "Pfizer is prepared to pursue all legal avenues to enforce its rights under its agreement."

It also said that an earlier bid by Novo Nordisk was rejected by Metsera due to a variety of risks in its deal structure.

In response, a Novo Nordisk spokesperson said the Danish company's bid offers compelling value that far exceeds Pfizer's proposal, noting that the Metsera board has determined the offer constitutes a superior proposal.

"We closely adhered to all of the restrictions under the Pfizer merger agreement and are confident that the facts and the law are on our side," the spokesperson said.

Metsera said its deal with Pfizer allows it negotiate should it receive a superior offer. As it considers the Novo Nordisk offer superior, it has issued notice to Pfizer which gives it the right to come back and negotiate its previously agreed deal over the next four business days.

"Pfizer has informed Metsera that it does not believe Metsera has the right to deliver the notice," Metsera said. "Metsera disagrees with Pfizer's view."

Shares in Nasdaq-listed Metsera gained 19% in premarket trading. Since listing in January, Metsera shares have surged to over $52 from its initial public offering price of $18.

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.

Its drugs include GLP-1s, which work in the same way as Novo Nordisk's blockbuster Ozempic and Wegovy treatments, while it is also developing a class of drugs known as amylin analogs. Amylin is a hormone in the pancreas that helps to regulate appetite.

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.

In the last month alone, the acquisition of liver-disease treatment maker Akero Therapeutics for up to $5.2 billion has been followed by the $2.1 billion acquisition of a blood and kidney disorder drug from Omeros.

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 08:38 ET (12:38 GMT)