Novo Nordisk shares rise on investor relief after it exits Metsera bid

STORY: Shares in Novo Nordisk rose on Monday (November 10).Investors bought in after the Wegovy maker lost out to Pfizer in a $10 billion bidding war for U.S. biotech Metsera.Market watchers saw its offer as too complex.The Danish drugmaker has also come under more pressure over governance.That after Norway's sovereign wealth fund said it would abstain when Novo shareholders vote this week on a new board.Pfizer said late Friday it had secured a deal for obesity drug developer Metsera.It was a setback for Novo as it tries to compete with rival Eli Lilly in the weight-loss drug market.Novo had started the bidding war in late October with an unsolicited offer a month after Metsera and Pfizer agreed a deal.The U.S. Federal Trade Commission told Novo and Metsera last week their proposed deal risked breaking U.S. antitrust laws.Metsera cited the antitrust concerns in rejecting Novo's bid.The Danish drugmaker confirmed Saturday it would withdraw from the race.Novo's shares were up 2.6% by Monday afternoon.The stock has lost more than 70% of its value since June last year.

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