Obesity drug developer Metsera said Friday that it had agreed to a deal to be acquired by Pfizer, which had been locked in a bidding war for the company with Novo Nordisk, the Danish maker of weight-loss treatments Ozempic and Wegovy.
Pfizer will acquire Metsera at a price of up to $86.25 a share, Metsera said in a statement. That was slightly higher than Novo Nordisk's last offer Tuesday, which valued Metsera at around $10 billion.
The deal is Pfizer's latest attempt to make inroads into the vast market for weight-loss drugs, having fallen behind Novo Nordisk and Eli Lilly, the maker of Mounjaro and Zepbound. The drugs Metsera is developing are still in the trial stage.
A statement from Pfizer said: "We are pleased that we and Metsera have agreed to these revised terms, which will provide immediate and certain value to Metsera's shareholders."
The valuation of Metsera in the deal announced Friday amounts to billions of dollars more than the agreement Pfizer had announced in September to buy the startup, when it offered $47.50 a share. Novo Nordisk then made unsolicited offers for Metsera, triggering a bidding war with Pfizer.
Pfizer filed two lawsuits in the U.S. District Court in Delaware against Metsera and Novo Nordisk for breach of contract and anticompetitive practices. In the second lawsuit, Pfizer accused Novo Nordisk of trying to protect its dominant market position "by capturing and killing a nascent American competitor before it gains the support of Pfizer."
Mike Doustdar, the CEO of Novo Nordisk, addressed the bidding war during a news conference at the White House on Thursday.
"As of today, our bid is higher, and our message to Pfizer is that if they would like to buy the company then put your hand in the pocket and bid higher," Doustdar said.
In its statement Friday, Metsera said that it had been informed by the Federal Trade Commission that a deal with Novo Nordisk would pose legal and regulatory risks under American antitrust laws.
The Pfizer deal would be finalized after Metsera's shareholder meeting Nov. 13, Metsera and Pfizer said.
This article originally appeared in The New York Times.
Pfizer will acquire Metsera at a price of up to $86.25 a share, Metsera said in a statement. That was slightly higher than Novo Nordisk's last offer Tuesday, which valued Metsera at around $10 billion.
The deal is Pfizer's latest attempt to make inroads into the vast market for weight-loss drugs, having fallen behind Novo Nordisk and Eli Lilly, the maker of Mounjaro and Zepbound. The drugs Metsera is developing are still in the trial stage.
A statement from Pfizer said: "We are pleased that we and Metsera have agreed to these revised terms, which will provide immediate and certain value to Metsera's shareholders."
The valuation of Metsera in the deal announced Friday amounts to billions of dollars more than the agreement Pfizer had announced in September to buy the startup, when it offered $47.50 a share. Novo Nordisk then made unsolicited offers for Metsera, triggering a bidding war with Pfizer.
Pfizer filed two lawsuits in the U.S. District Court in Delaware against Metsera and Novo Nordisk for breach of contract and anticompetitive practices. In the second lawsuit, Pfizer accused Novo Nordisk of trying to protect its dominant market position "by capturing and killing a nascent American competitor before it gains the support of Pfizer."
Mike Doustdar, the CEO of Novo Nordisk, addressed the bidding war during a news conference at the White House on Thursday.
"As of today, our bid is higher, and our message to Pfizer is that if they would like to buy the company then put your hand in the pocket and bid higher," Doustdar said.
In its statement Friday, Metsera said that it had been informed by the Federal Trade Commission that a deal with Novo Nordisk would pose legal and regulatory risks under American antitrust laws.
The Pfizer deal would be finalized after Metsera's shareholder meeting Nov. 13, Metsera and Pfizer said.
This article originally appeared in The New York Times.
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