Pfizer and Novo Nordisk have raised their bids for Metsera, intensifying the battle for the obesity startup ahead of a legal fight scheduled for Tuesday, highlighting growing interest in one of the fastest-growing areas of medicine.
Novo’s updated offer values Metsera at up to $86.20 per share, for a total of $10 billion, Metsera said in a statement. This value surpasses Pfizer’s improved offer of US$70 per share, which values the company at around US$8.1 billion, according to the startup. Pfizer has two days to negotiate possible adjustments to its offer, Metsera reported.
In one of the two lawsuits that Pfizer filed against Metsera and Novo, the pharmaceutical company asks a judge to suspend the previous four-day deadline to update its offer. A hearing in Delaware Court of Chancery is scheduled for 11 a.m. Tuesday.
Take your business to the next level with the country’s top entrepreneurs!
Pfizer shares rose as much as 2.2% after the company raised its profit forecast for 2025 for the second time this year. Novo shares fell as much as 2.5% in Copenhagen. Metsera trading has been suspended.
In court documents, Metsera lawyers said Pfizer CEO Albert Bourla, in a text message to a Metsera board member, offered to increase the bid by $3 per share as long as the startup publicly announced that Novo was no longer an eligible bidder. Lawyers said Metsera did not respond.
Pfizer then submitted a new proposal on November 3, according to a Metsera spokesperson.
Pfizer has been trying to enter the obesity market for years without success. The market, projected to reach $95 billion by 2030, is currently dominated by Novo and Eli Lilly & Co. As Pfizer’s first attempts to develop an obesity treatment failed, Metsera emerged as a solid option to help it gain a foothold in that market.
Other companies, including Roche and Amgen, also develop their own versions. While Lilly has a pill drug slated to hit the U.S. market in 2026, the next wave of innovation likely won’t reach patients soon.
© 2025 Bloomberg L.P.
