Novo Nordisk Shares Rise After Withdrawal of Metsera Takeover Battle
By Dominic Chopping
Novo Nordisk shares rose Monday after the Danish drugmaker withdrew from a bidding war with Pfizer for U.S. obesity drug maker Metsera.
Shares climbed as much as 3.5% in early European trade.
Pfizer agreed late Friday to buy U.S. startup Metsera in a deal that could be worth more than $10 billion following a heated takeover battle.
Pfizer had originally agreed to buy Metsera in September for up to $7.3 billion, before Novo Nordisk stepped in with a bid of $9 billion as it tried to outmuscle Pfizer and take control of the company, which has a promising pipeline of weight-loss drugs.
Pfizer clinched a deal Friday after it matched a sweetened bid from Novo Nordisk.
The Danish company behind the blockbuster Ozempic and Wegovy treatments said Saturday that it wouldn't increase its bid further, consistent with its "commitment to financial discipline and shareholder value."
It had viewed Metsera as a way to differentiate its portfolio in an increasingly competitive segment where it has been losing market share. Different patients have different treatment needs, and Metsera's drugs offer different dosing frequencies, weight-loss profiles and tolerability to Novo Nordisk's current treatments.
Novo Nordisk will continue to assess other opportunities that meet its criteria for returns, capital allocation and strategic objectives, it said in a statement.
Metsera said it had decided to go with Pfizer's offer as it represents the best deal for shareholders on valuation and regulatory grounds. It said it got a call from the U.S. Federal Trade Commission regarding potential risks from proceeding with Novo Nordisk's offer structure under U.S. antitrust laws.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 10, 2025 04:41 ET (09:41 GMT)
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