Pfizer has agreed to acquire weight-loss drugmaker Metsera in a transaction that could exceed $10 billion.
Under the terms of the cash deal, Pfizer will pay $65.60 a share upfront, along with a contingent value right worth up to $20.65 per share, according to a Nov. 7 news release from Metsera. Pfizer expects to close the transaction after Metsera shareholders vote on the deal Nov. 14.
The deal follows a contentious, weeks-long bidding war with Novo Nordisk. Pfizer initially agreed in September to acquire Metsera for up to $7.3 billion. Novo Nordisk responded Oct. 30 with an unsolicited $9 billion counterbid, which Pfizer said posed significant antitrust risks. Pfizer then sued Metsera, Novo Nordisk and Metsera’s board Oct. 31, alleging breach of contract and interference with its merger agreement.
A Delaware judge declined to block Metsera from evaluating Novo’s revised $10 billion offer, allowing the board to deem it a “superior company proposal.” But Metsera ultimately rejected Novo’s bid, citing legal concerns raised by a recent Federal Trade Commission call.
Metsera said a deal with Novo “presents unacceptably high legal and regulatory risks to Metsera and its stockholders compared to the proposed merger with Pfizer.”
The acquisition places Pfizer in a stronger position in the $72 billion global obesity drug market. Metsera is developing both a once-monthly injection and oral treatments for weight loss, following Pfizer’s earlier decision to discontinue internal development in the category.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
