In a bold and unexpected twist in the pharmaceutical merger arena, Metsera Inc. announced Thursday that Novo Nordisk has submitted a $9 billion buyout proposal, one that the biotech’s board has deemed “superior” to its existing deal with Pfizer Inc.
Metsera’s statement confirmed that Pfizer now has four business days to renegotiate the terms of its current agreement before Novo Nordisk’s superior offer could take center stage.
The decision thrusts Metsera into the eye of a high-stakes corporate storm, pitting two global pharmaceutical titans against each other in a race to dominate the booming obesity and metabolic disorder treatment market.
Novo Nordisk’s Bid: A Two-Step Masterstroke
Metsera revealed that Novo Nordisk’s proposal values the company at up to $77.75 per share, translating to a total price tag of approximately $9 billion — a massive leap from Pfizer’s $7.3 billion maximum offer announced just last month.
Under the Pfizer deal, shareholders would receive $47.50 per share in cash, plus up to $22.50 in contingent payments. Novo Nordisk’s competing bid sweetens the pot substantially.
The first phase of the Danish drugmaker’s proposal would see Novo Nordisk pay $56.50 in cash per Metsera share, covering both equity and transaction-related costs. In return, Metsera would issue nonvoting preferred stock representing 50% of its share capital and declare a $56.50-per-share dividend.
In the second phase, shareholders would collect an additional contingent value right (CVR) of up to $21.25 per share in cash, contingent on development and regulatory milestones — mirroring terms in the Pfizer deal but with a higher ceiling.
