Metsera accepted Pfizer's revised acquisition offer worth up to $10 billion on November 7, 2025. CNBC reports that Novo Nordisk withdrew from the bidding war on November 8. Pfizer agreed to pay $86.25 per share in cash. The offer includes $65.60 per share upfront and contingent payments of up to $20.65 per share. Metsera's board recommended shareholders approve the amended merger agreement.

The Danish drugmaker cited regulatory concerns as the reason for its withdrawal. Novo Nordisk stated it would not increase its offer after careful consideration. A company source confirmed that the last bid represented Metsera's maximum value. Pfizer expects to close the merger after Metsera's shareholder meeting on November 13.

Antitrust Concerns Shape Deal Outcome

The Federal Trade Commission sent a letter to Novo Nordisk and Metsera earlier in the week. The regulator warned that Novo's proposed deal structure risked violating U.S. antitrust laws. Metsera stated that Novo's proposal presented unacceptably high legal and regulatory risks. The FTC raised concerns about public health implications of the merger structure.

According to Goodwin Law, the FTC has focused on theories of harm in merger reviews. The agency investigates whether transactions enable buyers to engage in bundled rebates or contracting practices that exclude competitors. Pfizer received early FTC clearance for its Metsera bid. This clearance was among the first under the reinstated early termination program in January 2025.

Obesity Drug Market Drives Competition

The bidding war reflects intense competition in the obesity treatment sector. Grand View Research reports the global GLP-1 weight loss drugs market reached $13.84 billion in 2024. The market is projected to reach $48.84 billion by 2030. This represents a compound annual growth rate of 18.54% from 2025 to 2030.

Pfizer originally agreed to acquire Metsera for $7.3 billion in September 2025. Novo Nordisk disrupted that agreement with an unsolicited offer in late October. The competing bids drove Metsera's share price up nearly 60% over one week. The biotech company's market value reached $8.75 billion by November 7.

Novo Nordisk has lost market share to Eli Lilly in obesity treatments. Pfizer seeks entry into the obesity market after previous development setbacks. Bernstein analyst Courtney Breen noted the $10 billion price assumes $11 billion in revenue by 2040. Metsera's experimental drugs include MET-097i, a GLP-1 injectable, and MET-233i, which mimics amylin. Analysts project these treatments could reach $5 billion in combined peak sales.

Further Reading

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