Pfizer matches Novo bid for obesity biotech Metsera as takeover battle rages - FT

Pfizer has reportedly matched Novo Nordisk’s (NVO [https://seekingalpha.com/symbol/NVO]) offer to buy weight-loss drug start-up Metsera (MTSR [https://seekingalpha.com/symbol/MTSR]) for up to $10 billion, in the latest escalation of a bidding war over the coveted US biotech.

The U.S. drugmaker submitted its sweetened bid, which matches Novo’s offer from Tuesday, valuing Metsera at $86.20 a share, ahead of a deadline on Wednesday, keeping it in the race for the anti-obesity biotech, the _Financial Times_ reported.

The report comes as a judge denied Pfizer's (PFE [https://seekingalpha.com/symbol/PFE]) request to temporarily block Novo Nordisk's (NVO [https://seekingalpha.com/symbol/NVO]) $10 billion bid for Metsera. Metsera rose 2.5% in after-hours trading.

Novo Nordisk (NVO [https://seekingalpha.com/symbol/NVO]) raised its bid to a total of $86.20 a share, or a total of $10 billion. Novo Nordisk offered to pay $62.20 a share, up from $56.50. Metsera holders would also receive a contingent value right of up to $24 a share in cash, up from $21.25.

Pfizer’s latest bid, meanwhile, would be largely in upfront cash alongside further payments when certain clinical milestones are achieved, according to the report.

It’s the latest move in the ongoing battle between the US drugmaker and its Danish rival over the biotech.

Ozempic maker Novo Nordisk is one of the dominant players in obesity drugs alongside Eli Lilly (LLY [https://seekingalpha.com/symbol/LLY]), while Pfizer (PFE [https://seekingalpha.com/symbol/PFE]) is trying to become a competitor in what is forecast to become a $100 billion market by the end of the decade.

MORE ON PFIZER, NOVO NORDISK, ETC.

* Novo Nordisk A/S (NVO) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4838202-novo-nordisk-a-s-nvo-q3-2025-earnings-call-transcript]
* Novo Nordisk: Problems Compound, But Stock Still Cheap (Rating Downgrade) [https://seekingalpha.com/article/4838558-novo-nordisk-problems-compound-but-stock-still-cheap-rating-downgrade]
* Why Novo Nordisk's Q3 Miss Is A Buying Opportunity [https://seekingalpha.com/article/4838525-why-novo-nordisk-q3-miss-is-a-buying-opportunity]
* Pfizer loses bid to temporarily block Novo Nordisk's Metsera offer [https://seekingalpha.com/news/4516414-pfizer-loses-bid-to-temporary-block-metseras-novo-nordisk-offer]
* Metsera falls on report FTC has concerns about Novo Nordisk deal [https://seekingalpha.com/news/4516302-metsera-falls-on-report-ftc-has-concerns-about-novo-nordisk-deal]