Metsera's Take on Novo Nordisk's Bid: A Superior Offer
In a recent development, Metsera has declared that Novo Nordisk's new bid for the obesity biotech startup is 'superior' to Pfizer's revised offer, intensifying the competition between these pharmaceutical giants. This statement comes as a response to Novo Nordisk's proposal, which values Metsera at up to $86.20 per share, totaling around $10 billion. This represents a substantial 159% premium to Metsera's closing price on September 19, the day before Pfizer's initial acquisition announcement.
In contrast, Pfizer's revised offer values Metsera at up to $70 per share, totaling approximately $8.1 billion. The original agreement between Pfizer and Metsera granted Pfizer two business days to negotiate adjustments to the proposal. If Metsera's board finds Novo Nordisk's offer more appealing after this period, Metsera can terminate the merger agreement.
This heated competition comes on the heels of Pfizer's second lawsuit against Novo Nordisk and Metsera, alleging anticompetitive behavior in Novo Nordisk's attempt to outbid Pfizer. The legal battle reflects the evolving landscape of blockbuster weight loss and diabetes drugs, where established players like Novo Nordisk are facing challenges from rivals like Eli Lilly and newer entrants like Pfizer.
Pfizer's interest in Metsera's pipeline is particularly significant, as it seeks to enter the weight loss drug market after struggling to launch its own obesity treatments. Novo Nordisk, a market leader, is losing ground to Eli Lilly and cheaper alternatives, and is also facing investor concerns about its drug pipeline. Pfizer's initial offer of $4.9 billion, which could rise to $7.3 billion with future payments, was quickly countered by Novo Nordisk's $6 billion bid, triggering a four-day renegotiation period for Pfizer.
