Pfizer Metsera acquisition concluded as Pfizer Inc. agreed to buy Metsera Inc., a clinical-stage obesity drug developer, for up to $10 billion, ending a fierce bidding war with Danish rival Novo Nordisk. Pfizer’s final bid values Metsera at $86.25 per share, which includes $65.60 in cash per share plus contingent milestone payments totaling up to $20.65 per share. This offer surpassed Novo Nordisk’s last bid, and Metsera’s board unanimously recommended shareholders approve Pfizer’s proposal.​
Bidding war reaches peak and legal battles
The competitive bidding began with Pfizer’s initial $4.9 billion offer made in September, followed by a series of unsolicited bids from Novo Nordisk to secure the acquisition. Novo’s offers reached approximately $10 billion, igniting a legal battle and antitrust scrutiny. Pfizer sued Novo for breach of contract and anticompetitive behavior, arguing that Novo sought to eliminate Metsera as a potential competitor. Meanwhile, the U.S. Federal Trade Commission raised concerns about Novo’s bid violating antitrust laws, while it approved Pfizer’s deal. Ultimately, Novo decided to withdraw from the bidding dispute.​
Metsera’s promising obesity drug pipeline
Metsera develops next-generation obesity treatments, including oral and injectable medicines designed to improve efficacy, tolerability, and dosing convenience over existing drugs such as Novo Nordisk’s Wegovy. Its pipeline includes multiple clinical-stage candidates that potentially offer fewer side effects and longer-lasting benefits. The obesity drug market is projected to grow to $100 billion by 2030, making Metsera’s assets highly valuable for companies seeking leadership in this space.​
Strategic significance for Pfizer
The acquisition marks Pfizer’s strategic entry or renewed focus in the obesity drug sector, where it has lagged behind Novo Nordisk and Eli Lilly. With this deal, Pfizer gains a strong portfolio of obesity therapies in development and clinical expertise in cardiometabolic diseases. Pfizer intends to leverage its global manufacturing and commercial infrastructure to accelerate these drugs’ development and availability.​
Regulatory and shareholder outlook
Metsera’s board expressed confidence in Pfizer’s terms, which not only provide a higher base price but also additional payments tied to clinical and regulatory milestones. The merger is expected to close promptly after shareholders vote, scheduled for November 13, 2025. Regulatory approvals are anticipated to be met without major obstacles given the FTC’s stance favoring Pfizer’s bid.​
Pfizer Metsera acquisition for $10 billion resolves a heated bidding war, securing Pfizer a pipeline of next-generation obesity drugs critical to competing in a rapidly growing market. The deal highlights intense competition and regulatory challenges in pharmaceutical acquisitions, shaping the future landscape of obesity treatment.
