(qlmbusinessnews.com . Sun 9th Nov, 2025) London, UK —
Pfizer Acquires Metsera in Landmark $8 Billion Deal, Expanding Into Obesity Treatment Market
Pfizer has secured a landmark £8 billion acquisition of the obesity treatment innovator, Metsera, concluding an intense competition with Danish pharmaceutical titan, Novo Nordisk, for the biotech firm.
Late on Friday, Metsera favoured Pfizer's improved proposal, highlighting concerns over significant US antitrust hurdles associated with Novo's initially preferred bid. Saturday saw Novo Nordisk withdrawing from the contest, conceding victory to its New York-based competitor.
This acquisition grants Pfizer a strategic entry into the promising obesity medication sector, despite Metsera's solutions being several years from commercial availability. The outcome represents a setback for Novo Nordisk as it endeavours to regain its footing in the market against its American adversary, Eli Lilly.
In an unexpected turn of events within the biotech acquisition arena, Pfizer had seemingly finalised the deal in September, only for Novo to disrupt proceedings last week with an unsolicited bid. This sparked a battle for a highly sought-after asset in the increasingly significant weight management market. Pfizer aims to establish a foothold in this area, recovering from previous setbacks in developing weight-loss treatments internally.
Under the agreement, Pfizer will pay $86.25 (£66.33) per share in cash, equating to a 3.69% premium on Metsera's closing price on Friday, as stated by Metsera. The deal comprises $65.60 (£50.48) per share in cash and a contingent value right, providing holders the possibility of additional cash payments up to $20.65 (£15.87) per share.
Despite the competitive tension, Novo Nordisk declared on Saturday its decision not to submit a higher bid, focusing on advancing its own portfolio of obesity treatments and remaining open to strategic acquisitions and business development aligning with its objectives.
The intensive acquisition efforts saw Metsera's stock value soar nearly 60% in the week leading up to the deal's conclusion, lifting its market worth to approximately $8.75 billion (£6.73 billion).
Metsera cited “unacceptably high legal and regulatory risks” associated with Novo's offer in a statement on Friday, referencing a discussion with the US Federal Trade Commission about potential antitrust violations in a deal with Novo. Novo responded, believing its proposal was in compliance with antitrust laws.
Pfizer, in its statement, expressed satisfaction at reaching an agreement with Metsera and anticipates finalising the merger following Metsera's shareholder meeting on 13 November.
The acquisition echoes Pfizer's history of aggressive takeovers, reminiscent of its 2000 acquisition of Warner-Lambert for $90 billion (£69.19 billion) to secure Lipitor. Despite its smaller scale, this deal underscores Pfizer's confidence in Metsera's pipeline as crucial to its future prospects.
Metsera, which is yet to turn a profit and is expected to incur further losses as its treatments undergo development, has received backing from its board to accept Pfizer's revised offer. The intense bidding war elevated Metsera's valuation from Pfizer's initial $7.3 billion (£5.61 billion) bid in September, highlighting the pharmaceutical industry's robust interest in pioneering obesity treatments.
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