Novo Nordisk Launches $9 Billion Rival Bid for Metsera, Challenging Pfizer in Obesity Drug Market
Novo Nordisk made an unsolicited bid of up to $9 billion for US biotech Metsera, attempting to gazump Pfizer's existing $7.3 billion agreement amid a fight for obesity market dominance.
October 30, 2025 - 11:56 AM ET • 2 min read
Danish pharmaceutical giant Novo Nordisk confirmed Thursday it has launched an unsolicited bid of up to $9 billion for the U.S. obesity-focused biotech firm Metsera, directly challenging an existing takeover agreement held by rival Pfizer. The move signals an aggressive escalation in the fight for dominance in the lucrative and rapidly expanding weight-loss drug market.
Metsera, which listed on the Nasdaq earlier this year, confirmed that it views the Novo Nordisk offer as "superior" to the previous agreement it struck with Pfizer in September. Pfizer now has a four-business-day window to negotiate or sweeten its original offer.
Novo Nordisk, the company behind the blockbuster weight-loss treatments Ozempic and Wegovy, structured its proposal to value Metsera at up to $9 billion, or $77.75 per share. The offer includes an upfront cash payment of $56.50 per share for all outstanding common stock, totaling approximately $6.5 billion.
The remainder of the valuation, up to $2.5 billion, is contingent upon the achievement of specific clinical and regulatory milestones, based on contingent value rights (CVR) of up to $21.25 per share.
This proposal significantly exceeds the $7.3 billion agreement, including milestones, that Metsera had previously accepted from Pfizer in September. Novo Nordisk had reportedly lost out during the initial competitive auction process for Metsera weeks prior to launching this surprise bid.
The unsolicited bid drew sharp criticism from Pfizer. The U.S. pharmaceutical firm accused Novo Nordisk of making a "reckless" offer and claimed the action was "an attempt by a company with a dominant market position to suppress competition in violation of law by taking over an emerging American challenger."
The rivalry underscores the intense competition among pharmaceutical majors to secure assets in the weight-loss sector. Novo Nordisk's move highlights its strategy to build a next-generation pipeline of obesity and diabetes treatments, securing assets that could potentially compete with its current market-leading products.
Metsera is considered a highly attractive takeover target primarily due to its promising pipeline of obesity drugs. The biotech firm currently has four ongoing clinical trials, positioning it as a key player in developing future treatments for weight management. The acquisition would provide Novo Nordisk with crucial assets to maintain its competitive edge as other major drugmakers, including Pfizer, aggressively invest in the sector.