Metsera describes Novo Nordisk’s new offering as superior to Pfizer’s offering
The logos of Danish drugmaker Novo Nordisk, maker of blockbuster diabetes and weight loss treatments Ozempic and Wegovy, are seen outside its building as the company presents its annual report at Novo Nordisk on February 5, 2025 in Bagsvaerd, Denmark.
Mads Claus Rasmussen | Afp | Getty Images
Mesera said on Tuesday Novo NordiskObesity biotech company’s new offering is “superior” to a revised offering from Pfizerwhich escalated a heated dispute over the startup between the two pharmaceutical giants.
Novo Nordisk’s new proposal values Metsera at up to $86.20 per share, giving it a total value of around $10 billion. In a press release, Metsera said this represents a premium of about 159% over the closing price on September 19, the last trading day before Pfizer announced its planned takeover of the company.
Meanwhile, Pfizer’s new proposal values Metsera at up to $70 per share, giving it a total value of around $8.1 billion.
Under the terms of the original agreement for Pfizer’s acquisition of Metsera, the drugmaker has two business days to negotiate adjustments to the offer. If Metsera’s board believes that Novo Nordisk’s proposal is still better than Pfizer’s after this window, Metsera would be entitled to terminate the existing merger agreement, the release said.
“We believe that Novo Nordisk’s offer is illusory and cannot constitute a superior offer within the meaning of our merger agreement with Metsera because it violates antitrust law and there is a high risk that it will never be implemented,” Pfizer CEO Albert Bourla said during the company’s third-quarter earnings call on Tuesday.
In a statement on Tuesday, Novo Nordisk confirmed its new offer and said it could maximize the potential of Metsera’s complementary drug portfolio. Novo Nordisk reiterated that the proposal complies with all applicable laws and is “in the best interests of the patients who will benefit from our commitment to innovation, as well as Metsera’s shareholders.”
The new offers come a day after Pfizer filed its second lawsuit against Novo Nordisk and Metsera, alleging that the Danish drugmaker’s attempt to outbid Pfizer to acquire the biotech company was anticompetitive.
The clash reflects the changing landscape in blockbuster weight-loss and diabetes drugs, with veteran Novo Nordisk now trailing rival Eli Lilly while other companies such as Pfizer struggle to break through.
Founded in 2022, Metsera has a pipeline of both oral and injectable treatments with different targets, including a drug that targets GLP-1 and another that targets another gut hormone called amylin. Both are being studied as potential once-monthly treatments, which would mean they would be taken less frequently than the weekly injections on the market.
For Pfizer, Metsera’s pipeline could be the company’s golden ticket to enter this space after struggling to bring its own anti-obesity products to market in recent years. Novo Nordisk has helped establish the market but is losing market share Eli Lilly and cheaper copycats and is struggling to impress investors with its drug pipeline.
Pfizer said in September it would acquire Metsera for $4.9 billion, or up to $7.3 billion with future payments.
But Novo Nordisk launched a takeover bid on Thursday that valued the biotech company at around $6 billion or up to $9 billion, giving Pfizer a four-business-day deadline to renegotiate its offer.
