Metsera, a weight-loss drug maker, has decided to accept Pfizer's $86.25 per share offer. The company is developing a once-monthly injection and pills.
Earlier this fall, Metsera accepted a bid from Pfizer, but at the end of October, Novo Nordisk raised its bid, which triggered the bidding war. The Wall Street Journal calls the Danish company's move "unusual" and the Bloomberg news agency calls the bidding war "remarkable."
According to WSJ's sources, the American company then increased its bid by 5 cents per share, which corresponded to Novo Nordisk's latest bid.
Involves risks
Metsera believes that a merger with Novo Nordisk entails "unacceptably high legal and regulatory risks," according to a press release that refers to a warning from the US competition authority Federal Trade Commission.
Metsera's board of directors urges shareholders to accept Pfizer's offer, writing that the merger with Pfizer "will provide immediate and significant benefits to Metsera's shareholders."
"We look forward to quickly leveraging our global clinical, manufacturing and commercial infrastructure to accelerate Metsera's portfolio," writes Pfizer, which has been searching for a profitable path into the hot industry after several failed attempts with weight loss drugs.
Lost leading position
A merger with Novo Nordisk – which in recent years has become best known for the weight loss drug Wegovy and the diabetes medicine Ozempic – would also have strengthened the portfolio of the Danish company, which has lost its leading position in weight loss drugs to American competitor Eli Lilly.
The merger will be completed after Metsera's Annual General Meeting next Thursday.
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