Novo Nordisk Challenges Pfizer With $9 Billion Bid for Metsera

COPENHAGEN, Oct. 30 — Novo Nordisk has launched a rival bid to acquire U.S.-based obesity biotech company Metsera, escalating competition with Pfizer in the fast-growing weight-loss drug market. The Danish drugmaker’s new offer values Metsera at about $9 billion, outpacing Pfizer’s earlier proposal worth $7.3 billion.

Novo Nordisk, best known for its blockbuster weight-loss drug Wegovy and diabetes medication Ozempic, offered up to $8.5 billion in total, including $6 billion upfront and additional milestone payments. Pfizer’s bid also included milestone-based payments but fell short in total valuation.

Metsera confirmed receiving Novo’s proposal and called it a “superior offer.” The company said it had notified Pfizer, which now has four business days to negotiate under the terms of its existing agreement. Novo’s bid values Metsera shares at up to $77.75 each.

Market reaction and company statements

Metsera shares climbed about 22% by mid-afternoon Thursday in London trading, adding to an almost 100% increase since the start of the year.

Pfizer described Novo Nordisk’s new offer as “reckless” and “harmful for competition.” The U.S. drugmaker said Novo had previously made an unsuccessful bid for Metsera and accused its rival of violating the merger agreement. “We will pursue all legal avenues to protect our rights,” Pfizer said.

Novo Nordisk declined to comment on any earlier offers but said its current bid “far exceeds” Pfizer’s and reflects its “commitment to invest in the United States.” The company stated it had complied with all conditions under Pfizer’s agreement and remained confident that “the facts and the law are on our side.”

Strategic move amid leadership change

The bidding war comes at a critical time for Novo Nordisk. The company recently underwent a major board reshuffle after shareholder pressure to accelerate its expansion in obesity treatment. New Chief Executive Mike Doustdar has prioritized strengthening Novo’s research pipeline for next-generation obesity and diabetes drugs.

The acquisition of Metsera would support that strategy. Metsera is developing several experimental therapies targeting metabolic diseases, including a weight-loss drug that may require less frequent dosing than current products from Novo and rival Eli Lilly.

Analysts say Novo’s move highlights the intensifying race in the obesity treatment market, which is projected to exceed $100 billion in annual sales over the next decade. The sector has drawn global attention as new treatments demonstrate significant weight reduction benefits, reshaping approaches to managing obesity-related conditions such as diabetes and cardiovascular disease.

Competitive landscape intensifies

Pfizer, which exited the obesity drug race in 2023 after discontinuing its own candidate due to side effects, re-entered the field through its initial agreement with Metsera earlier this year. Novo’s counteroffer signals its determination to maintain leadership amid increasing pressure from Eli Lilly’s successful drug Mounjaro.

If Novo’s bid succeeds, it would mark one of the largest acquisitions in its history and expand its portfolio of metabolic treatments beyond semaglutide, the key ingredient in both Wegovy and Ozempic. Analysts note that the company faces upcoming patent expirations for semaglutide, adding urgency to diversify its drug lineup.

The outcome of the bidding war could reshape competition in the global obesity drug market. Both Novo Nordisk and Pfizer are expected to make further announcements once Metsera’s board completes its review process in the coming days.

At press time, neither company provided a timeline for the next steps in negotiations. However, market observers anticipate that the final decision could influence broader investment trends in the rapidly expanding obesity treatment sector.