Biotech buyout ends bidding war with Novo Nordisk, securing key obesity drug assets.
New York – November 8, 2025 — Pfizer Inc. has finalized a deal to acquire Metsera, a clinical-stage biotech focused on obesity treatments, for $86.25 per share in cash, representing a 3.69% premium over Metsera’s closing price on Friday CNBC. The transaction values Metsera at approximately $10 billion, concluding a high-profile bidding war with rival Novo Nordisk.
💊 Strategic Acquisition Targets Obesity Drug Market
The deal includes $65.60 per share in upfront cash and $20.65 in contingent value rights (CVRs) tied to regulatory milestones and commercial performance PR Newswire BioSpace. Metsera’s pipeline includes promising GLP-1 receptor agonists, positioning Pfizer to compete in the fast-growing obesity and metabolic health market.
Pfizer’s move comes amid surging demand for weight-loss drugs like Wegovy and Zepbound, with analysts projecting the global obesity drug market to exceed $100 billion by 2030.
🏁 End of a Competitive Bidding War
Novo Nordisk had previously submitted a “superior” offer valuing Metsera at $86.20 per share, but Metsera’s board ultimately reaffirmed support for Pfizer’s revised bid, citing greater deal certainty and strategic alignment investors.metsera.com.
“This agreement delivers immediate value to shareholders and ensures our therapies reach patients faster,” Metsera’s board said in a statement.
The acquisition is expected to close in Q1 2026, pending shareholder and regulatory approvals.
🔍 Industry Implications
Pfizer’s acquisition strengthens its position in post-pandemic growth areas, following setbacks in COVID-19 vaccine revenues. The deal also signals a broader industry trend of consolidation in obesity and metabolic therapeutics, as major players race to dominate next-generation treatment platforms.
In short: Pfizer will acquire Metsera for $86.25 per share, ending a bidding war with Novo Nordisk and securing a foothold in the booming obesity drug market. The $10 billion deal includes cash and performance-based payouts, with closing expected in early 2026.
Sources:
CNBCCNBC – Metsera Accepts Pfizer’s $10B Bid
PR NewswirePR Newswire – Merger Agreement Details
investors.metsera.comMetsera – Novo Nordisk Proposal
BioSpaceBioSpace – Pfizer Wins Metsera Bidding War
Pfizer Hq, Garden Business Center, Warsaw – Poland. Picture by Piotr iłowiecki
