Metsera says Novo Nordisk’s new up to $10 billion bid for obesity drugmaker is ‘superior’ to revised Pfizer offer

Metsera on Tuesday said Novo Nordisk‘s new bid for the obesity biotech is “superior” to a revised offer from Pfizer, escalating a heated tussle over the startup between the two pharmaceutical giants. 

Novo Nordisk’s new proposal values Metsera at up to $86.20 per share, for a total of around $10 billion. In a release, Metsera said that represents a roughly 159% premium to its closing price as of Sept. 19, the last trading day before Pfizer announced its proposed acquisition of the company. 

Meanwhile, Pfizer’s new proposal values Metsera at up to $70 per share, for a total of roughly $8.1 billion. 

The new bids comes one 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 is anticompetitive. 

The clash reflects the shifting landscape for blockbuster weight loss and diabetes drugs, with veteran Novo Nordisk now trailing rival Eli Lilly as other companies like Pfizer race to break in.

For Pfizer, Metsera’s pipeline could be the company’s golden ticket to enter the space after struggling to bring its own obesity products to market over the last few years. Novo Nordisk helped establish the market, but is losing market share to Eli Lilly and cheaper copycats and struggling to impress investors with its drug pipeline. 

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