Novo Nordisk recalibrates its growth strategy after losing the Metsera bid to Pfizer in the obesity drug market
Pfizer has secured a pivotal entry into the obesity drug market, clinching a deal valued at up to US$10bn for Metsera after a fierce bidding war with Novo Nordisk, according to Reuters.
Metsera’s board accepted Pfizer’s revised offer, citing US antitrust risks associated with Novo’s bid, which had previously been described as “superior.”
The agreement includes an upfront payment of US$65.60 per share and up to US$20.65 per share contingent on the success of Metsera’s drug pipeline, with the company’s shares falling over 15 percent following the announcement.
The acquisition is significant as Metsera’s experimental obesity drugs, including MET-097i—a once-monthly GLP-1 injection—and MET-233i, which mimics the pancreatic hormone amylin, are still in early-to-mid-stage development.
Analysts at Leerink Partners estimate these drugs could achieve a combined US$5bn in peak sales, as reported by Reuters.
However, Bernstein’s Courtney Breen noted that Pfizer’s US$10bn price tag rests on “optimistic assumptions” about Metsera’s future performance, with revenue projections nearly double the company’s current outlook.
Novo Nordisk, which had been attempting to regain its leadership in the obesity drug sector after losing ground to Eli Lilly, withdrew its bid after the US Federal Trade Commission flagged potential regulatory risks with Novo’s proposal, according to Bloomberg and Reuters.
Novo’s CEO, Mike Doustdar, stated that the company will continue to pursue opportunities in obesity, diabetes, and related comorbidities, emphasizing the importance of financial discipline and strategic acquisitions, as reported by Bloomberg.
The deal comes at a time when drugmakers face mounting pressure to lower prescription drug prices in the US, with recent government negotiations resulting in price cuts for blockbuster weight-loss drugs.
Pfizer CEO Albert Bourla told CNBC that the prices used in the Metsera deal analysis were in line with those announced by Novo and Lilly at a White House meeting.
Novo Nordisk has also trimmed its growth expectations for its obesity and diabetes treatments amid intensifying competition and pricing pressures.
The company reported a 10 percent increase in operating profit for the first nine months of 2025, but narrowed its full-year sales and profit guidance, as per CNBC.
Analysts remain divided on Novo’s stock, with some citing ongoing uncertainty but acknowledging the company’s strong research and development profile.
