The bidding war between Pfizer and Novo Nordisk for obesity drug developer Metsera has escalated sharply this week, as both pharmaceutical giants revised their offers in an attempt to secure one of the most promising biotech acquisitions of 2025.
Pfizer Raises Its Offer After Court Setback
According to Reuters and Bloomberg, Pfizer has sweetened its proposal for Metsera to $86.20 per share, including milestone payments—an increase from its previous offer. The move comes just days after a Delaware judge denied Pfizer’s request to temporarily block Metsera from ending its earlier merger agreement and pursuing a competing offer from Novo Nordisk.
The revised offer also includes fewer restrictions and conditions, signaling Pfizer’s determination to win the deal after months of high-stakes legal and financial maneuvering. Sources familiar with the matter told Bloomberg that the company hopes this improved bid will “restore confidence” in its strategic push into the fast-growing obesity drug market.
Novo Nordisk Counters With a Higher Cash Incentive
In response, Novo Nordisk reportedly increased its own offer, boosting the cash component to $24 per share, up from $21.25. The Danish pharmaceutical company has been aggressively expanding its obesity treatment portfolio, capitalizing on the massive commercial success of its Wegovy and Ozempic drugs.
Novo’s latest move values Metsera at nearly $10 billion, keeping the competition neck-and-neck as the companies race to acquire a key player in next-generation metabolic drug research.
Why Metsera Is So Coveted
Metsera, a fast-growing biotech firm, specializes in metabolic and obesity-related treatments, positioning itself at the center of a booming global health trend. With obesity medications now projected to generate over $100 billion in annual sales by 2030, the acquisition could be transformative for either suitor.
The company’s experimental treatments have shown promising results in early trials, suggesting strong potential to compete with or complement existing GLP-1 receptor agonists, the class of drugs driving the current obesity treatment revolution.
Pfizer’s Strategic Urgency
For Pfizer, the pursuit of Metsera represents an effort to diversify its pipeline and offset declining sales of its COVID-19 products. After pandemic-related revenue fell sharply, the company has sought high-growth therapeutic areas to stabilize long-term performance.
Pfizer’s improved offer underscores its ambition to reclaim ground in the metabolic and obesity drug sector, where it trails Novo Nordisk and Eli Lilly. The company has faced setbacks in recent years, including disappointing trial results in its own obesity programs, making the Metsera acquisition even more strategically critical.
The Legal and Financial Battle Intensifies
The competition has not been without conflict. Pfizer has filed two lawsuits against both Metsera and Novo Nordisk, alleging breach of contract and antitrust violations, arguing that Novo interfered in an existing merger agreement. However, legal experts suggest that Pfizer’s chances of blocking the deal remain slim unless it presents compelling evidence of contractual wrongdoing.
Despite the courtroom drama, industry insiders believe Metsera’s board will continue to weigh both offers carefully, considering financial value, long-term strategic alignment, and regulatory certainty before reaching a final decision.
The Bigger Picture: The Obesity Drug Boom
The global obesity drug market has become one of the most lucrative and competitive spaces in healthcare. With GLP-1 therapies reshaping treatment paradigms, major pharmaceutical companies are racing to secure leading positions through acquisitions and innovation.
Novo Nordisk and Eli Lilly currently dominate, but Pfizer’s aggressive bid for Metsera reflects the company’s intent to challenge that duopoly. Analysts expect further consolidation in the biotech sector as large pharmaceutical firms seek to expand their presence in this multi-billion-dollar field.
What’s Next for Metsera?
Metsera’s board is expected to make a decision in the coming days as pressure mounts from both suitors. Industry watchers say that whichever company prevails will likely accelerate Metsera’s research programs and integrate its pipeline into a global obesity and metabolic treatment portfolio.
The outcome of this Pfizer vs. Novo Nordisk showdown could reshape the competitive landscape for obesity drugs for years to come.
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