U.S. pharmaceutical giant Pfizer has reached a deal to acquire Metsera Inc., a New York-based obesity drug developer, after beating Danish rival Novo Nordisk in a heated bidding war.

Metsera, which currently has no marketed products, is developing a pipeline of oral and injectable therapies aimed at obesity and diabetes — two of the most profitable sectors in the global drug market.

The acquisition marks Pfizer’s renewed push into the fast-growing weight-loss drug segment, months after halting development of its own obesity pill candidate.

Under the agreement announced Friday, Pfizer will purchase Metsera for up to $86.25 per share, comprising $65.60 in cash and a contingent value right worth up to $20.65 per share, depending on future performance milestones.

Metsera’s board cited antitrust concerns surrounding Novo Nordisk’s offer and said Pfizer’s revised proposal offered the “best transaction for shareholders in both value and certainty of completion.”

The deal comes just days after Novo Nordisk, the maker of Ozempic and Wegovy, raised its bid to as much as $10 billion, up from a previous offer of $9 billion, which had prompted a lawsuit from Pfizer. Pfizer’s final offer — initially valued at around $4.9 billion in September — was modified to include a larger upfront cash payment.

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Pfizer said it expects the transaction to close shortly after Metsera’s shareholder meeting on November 13. Novo Nordisk confirmed Saturday that it will not submit a higher offer, effectively ending its pursuit of the company.

Novo’s final proposal had included $62.20 in cash per share plus a $24 contingent payment tied to future development milestones.

Source: AP