Pfizer wins $10 billion battle for Metsera, beating Novo Nordisk in obesity drug race

U.S. pharmaceutical giant Pfizer has secured a $10 billion deal to acquire Metsera, an emerging biotech firm developing obesity treatments. The victory ends a fierce bidding war with Novo Nordisk, which withdrew from the race citing U.S. antitrust concerns.

Pfizer announced on Friday that it will acquire Metsera for a total of $10 billion, marking one of the largest biotech deals of the year. The New York-based drugmaker will pay $86.25 per share in cash, including a contingent value right that could bring additional payments to shareholders depending on future milestones.

The acquisition follows an intense week-long bidding war with Denmark’s Novo Nordisk, the current leader in the fast-growing obesity drug market. Novo confirmed it would not raise its offer, citing “unacceptably high legal and regulatory risks” in the United States.

For Pfizer, the move represents a major step into the lucrative obesity treatment sector, which analysts expect to exceed $100 billion in annual sales by the next decade. Metsera’s experimental drugs could generate up to $5 billion in peak revenue, positioning Pfizer to better compete with Novo Nordisk and Eli Lilly in the global weight-loss drug race.