Pfizer Wins £7.7bn Bidding War for Weight-Loss Drug Firm Metsera
In a dramatic pharmaceutical takeover battle, US giant Pfizer has emerged victorious over Danish rival Novo Nordisk to acquire weight-loss drug developer Metsera for £7.7 billion.
Key Takeaways
- Pfizer secures Metsera after intense bidding war with Novo Nordisk
- Final acquisition price reaches £7.7 billion
- Metsera board unanimously recommended Pfizer’s offer
- Regulatory concerns cited against Novo Nordisk’s bid
Bidding War Escalation
The conflict began when Novo Nordisk, maker of popular weight-loss drugs Ozempic and Wegovy, disrupted Pfizer’s initial £5.5 billion takeover agreement with Metsera. The Danish firm made an unexpected £6.8 billion counteroffer, prompting strong objections from Pfizer.
Pfizer accused Novo Nordisk of reckless behavior and threatened legal action. Last week, the US pharmaceutical group increased its bid to £6.2 billion, only for Novo to raise its offer to £7.7 billion.
Final Showdown
On Wednesday, Pfizer matched Novo’s enhanced £7.7 billion proposal. By early Thursday, Metsera’s board announced it would unanimously recommend Pfizer’s offer, effectively ending the battle.
The company stated that Novo’s bid presented “unacceptably high legal and regulatory risks” after US regulators warned that a takeover by the Danish group might violate competition laws.
Aftermath
Following Metsera’s announcement, Novo Nordisk confirmed it would not make a higher bid but maintained that its offer had been fully compliant with competition regulations.
The acquisition positions Pfizer to compete in the rapidly expanding weight-loss drug market, challenging Novo Nordisk’s current dominance in the sector.
