Novo Nordisk, Pfizer Clash Over $10B Obesity Drug Deal

In a rare and dramatic move, global pharma giants Novo Nordisk and Pfizer have reopened a bidding war for Metsera, a three-year-old biotech startup focused on obesity drugs. The Danish company’s latest bid values Metsera at $10 billion, up from its earlier $9 billion offer, while Pfizer has countered with $8.1 billion, boosting its previous $7.3 billion bid.

Metsera, with just over 100 employees and no approved drugs yet, has become the unlikely epicenter of one of the pharmaceutical industry’s most high-profile battles. Weight-loss treatments have become a goldmine, with the global market valued at $72 billion today and expected to nearly double by 2030.

Shares of Metsera surged 20% to $73.18 following the new bids, highlighting investor excitement and the stakes involved. Pfizer, meanwhile, saw a dip of 1.5% in its stock, while Novo Nordisk’s American depositary receipts fell 1.8%.

Pfizer emphasizes that its acquisition already has U.S. antitrust clearance, viewing Metsera’s pipeline of injectables and pills as a gateway into the lucrative obesity market. “The obesity market is significant, with high unmet patient needs,” Pfizer executives noted, highlighting the company’s experience in cardiovascular treatments as a strategic advantage.

Novo Nordisk, which pioneered weight-loss drugs but recently faced setbacks in its own research, is aggressively pursuing Metsera to regain market momentum. The Danish firm’s move has led to legal friction, with Pfizer filing lawsuits in both Delaware Chancery and federal courts to prevent Metsera from switching merger partners, citing potential antitrust concerns.

The escalating bids and courtroom battles underscore the intense competition in a sector that has become critical to pharmaceutical growth strategies. Industry observers note that such high-profile deal disputes are rare, making this showdown a defining moment in the obesity-drug market.