Pharmaceutical Giant Pfizer Secures Key Obesity Drug Developer
In a significant move that reshapes the competitive landscape for weight-loss treatments, American pharmaceutical leader Pfizer has successfully acquired development-stage obesity drugmaker Metsera Inc. The deal concluded after an intense bidding war with Danish rival Novo Nordisk, the company behind popular weight-loss medications Ozempic and Wegovy.
The Bidding War and Final Terms
The acquisition battle reached its climax when Pfizer secured the deal on Friday, 08 November 2025. According to the terms announced, Pfizer will acquire Metsera for up to $86.25 per share. This price consists of $65.60 per share in immediate cash payments, plus contingent value rights that could provide shareholders with additional payments of up to $20.65 per share.
This agreement came just three days after Novo Nordisk had dramatically increased its offer, proposing to pay as much as $10 billion for the New York-based biotech company. The Danish firm's improved bid had surpassed its previous offer of up to $9 billion, which had initially sparked a lawsuit from Pfizer.
Metsera's board ultimately determined that Pfizer's revised terms represented the best transaction for shareholders, citing both the value offered and the certainty of closing the deal. The company specifically noted concerns about U.S. antitrust risks associated with Novo Nordisk's bid.
Strategic Implications for the Obesity Drug Market
This acquisition marks Pfizer's determined entry into the lucrative obesity treatment market, coming several months after the company ended development of its own potential pill treatment for obesity. Although Metsera currently has no products on the market, the company is actively developing both oral and injectable treatments targeting the high-demand fields of obesity and diabetes.
Pfizer expressed satisfaction with the agreement terms and expects to finalise the transaction shortly after the Metsera shareholder meeting scheduled for 13 November. Meanwhile, Novo Nordisk announced on Saturday that it would not increase its offer further, effectively withdrawing from the acquisition race.
The failed Novo Nordisk proposal had involved paying $62.20 in cash for each Metsera share, improved from its previous bid of $56.50. The Danish company had also planned to include contingent value right payments of $24 per share if certain development and regulatory milestones were achieved.
