Novo Nordisk has entered into a battle with Pfizer over Metsera. Why do they want this biotech startup?

Novo Nordisk, the Danish maker of popular drugs Ozempic and Wegovy, has made a surprise offer to buy US biotech startup Metsera. The company is trying to hijack the deal from its US rival Pfizer, which had already agreed to buy Metsera in September. The conflict has erupted amid the struggle for the market of weight-loss drugs, which could exceed $100 billion by 2030.

Novo Nordisk has made an offer to buy US biotech firm Metsera for at least $6.5 billion, a move aimed at derailing Metsera's earlier deal with Novo's rival US pharma giant Pfizer. In September, Pfizer offered to buy the company for $70 per share - and Metsera has already accepted the offer. However, Novo is offering Metsera up to $77.75 per share if a number of conditions are met - that's 11% above the maximum valuation under Pfizer's offer and 50% above the closing price of previous trades.

According to Metsera's statement, Pfizer has four days to begin negotiations to modify its offer. If Metsera decides that an agreement with Novo would be more favorable, it will have the right to terminate the agreement with Pfizer.

Pfizer called the attempt to derail the deal "reckless" and accused the Danish rival of abusing its market position. "This is an attempt by a company with a dominant market position to stifle competition in violation of the law by taking over an emerging U.S. competitor," Pfizer said in a statement.

The conflict between the companies erupted after Novo Nordisk and Pfizer failed in the rapidly growing market of weight-loss drugs, Bloomberg notes. The market, which will exceed $100 billion by 2030, is now led by American Eli Lilly. The pharma giant said in its latest report that it controls about 58% of the segment of new anti-obesity drugs.

The high potential of this market is pushing other big players to mergers and acquisitions: writes Bloomberg. "The fact that Novo is out of the ordinary is something we rarely see in pharmaceuticals, at least lately," said Jared Holtz, a healthcare analyst at Mizuho.

Metsera is developing several experimental weight loss drugs, including an injection that can be given less frequently than Novo Nordisk's popular drug Wegovy. If Novo Nordisk manages to overtake Metsera, it would be a major blow to Pfizer's plans to regain ground after the pandemic, Bloomberg notes. The company's sales of its COVID-19 vaccine have plummeted, and patents on a number of key drugs are nearing expiration. Pfizer's own program to develop a drug for obesity has also failed - trials had to be stopped after one of the participants in the clinical trial showed signs of liver damage.

Pfizer's shares fell 0.5% to $24.1 in trading on October 30. Since the beginning of the year, the market value of the company has fallen by almost 9%. For comparison: the main U.S. stock index S&P 500 for the same period, on the contrary, added about 17%.

Novo Nordisk's quotations fell by 3.7% at the trading in Copenhagen, and compared to the beginning of 2025, the market value of the company fell by almost 42%.

Metsera's shares soared 22% to $63.6 per unit in New York trading. They have almost tripled since the beginning of the year.

This article was AI-translated and verified by a human editor