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A summary of the acquisition battle between Pfizer and Novo Nordisk.
U.S. pharmaceutical giant Pfizer has announced its acquisition of obesity drug developer Metsera for $10 billion (approximately KRW 14.5 trillion).
The deal values Metsera at up to $86.25 per share, comprising $65.60 in cash and an additional $20.65 in contingent value rights (CVRs).
A CVR grants shareholders the right to receive additional payments if certain predefined performance milestones are achieved.
About Metsera
Founded in 2022, Metsera is a biotechnology company developing both oral and injectable therapies for obesity and diabetes.
The company gained attention after its obesity drug candidate, MET-097i, demonstrated up to 14.1% weight reduction in a Phase 2 trial with just a once-monthly dose — compared to the once-weekly injections required for Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro.
Pfizer vs Novo Nordisk
The acquisition was finalized after an intense bidding war between Pfizer and Danish pharmaceutical company Novo Nordisk.
Pfizer initially offered $7.3 billion for Metsera in September, but Novo Nordisk countered with a higher $9 billion proposal, escalating the competition.
Both companies continued to raise their bids, ultimately driving the final acquisition price to $10 billion.
Federal Trade Commission (FTC) later raised antitrust concerns over Novo Nordisk’s proposed deal structure, tipping the balance in Pfizer’s favor.
Why the Bidding War?
Pfizer has faced several setbacks in developing its own obesity treatments.
In April, it discontinued the development of its oral candidate danuglipron due to safety concerns, prompting the company to pursue reentry into the obesity market through acquisitions.
Novo Nordisk, while leading the market with Wegovy, has been striving to regain its footing after being overtaken by latecomer Eli Lilly.
Against this backdrop, both companies joined the acquisition race to secure next-generation obesity treatment pipelines.
Industry observers note that the acquisition positions Pfizer to strengthen its foothold in the global obesity drug market.
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