Novo ignites bidding war with $6.5B offer for obesity drugmaker Metsera

Novo Nordisk has submitted a $6.5B counter-bid to acquire Metsera, surpassing Pfizer’s previous offer and intensifying a battle over the rising star in obesity drug development.

Why it matters: The fight underscores the massive stakes in the obesity drug market, forecast to hit $100B annually by 2030. Novo and Pfizer both seek to strengthen their pipelines amid intense competition from Eli Lilly.

Backstory: Metsera recently reported promising Phase 2 data on a GLP-1-based weight loss drug. Pfizer had made a lower offer of $4.9B ($47.50/share upfront vs. Novo’s $56.50) but was already in discussions with Metsera. Novo’s latest bid includes $6.5B upfront and up to $2.5B in future milestone payments, structured to grant it 50% of Metsera’s non-voting shares regardless of deal closure.

Yes, but: Regulatory hurdles loom as Pfizer argues Novo’s structure skirts antitrust laws and threatens U.S. competitiveness.

Big picture: Eli Lilly is dominating the space, with $3.6B in Q3 sales from Zepbound and over $10B from its diabetes drug Mounjaro. Novo’s lead with Wegovy has waned, while Pfizer needs a breakthrough after dropping two obesity drug candidates over safety concerns.

What’s next: Metsera’s board deemed Novo’s bid superior, triggering a 4-day response window for Pfizer.