Pfizer has clinched a $10 billion deal to acquire Metsera, the U.S. biotech developer of experimental obesity drugs, marking the end of a heated bidding war with Novo Nordisk that captivated the pharmaceutical industry.
The acquisition gives Pfizer a much-needed entry into the booming obesity drug market, which analysts project could reach $150 billion by the next decade, dominated by Novo Nordisk and Eli Lilly.
Metsera’s board accepted Pfizer’s revised offer late Friday, citing “unacceptably high legal and regulatory risks” in Novo Nordisk’s rival proposal. The decision followed concerns from the U.S. Federal Trade Commission (FTC), which warned that Novo’s bid could violate antitrust laws, given its dominant position in the weight-loss drug market through its blockbuster GLP-1 treatments, Wegovy and Ozempic.
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Novo Nordisk, in response, announced Saturday that it would not raise its offer, effectively ending the contest.
“Following a competitive process and after careful consideration, Novo Nordisk will not increase its offer to acquire Metsera,” the drugmaker said in a statement.
The Danish company said its previous bid had been its “maximum value” for Metsera, and it would continue to focus on expanding its own obesity pipeline and exploring future acquisitions “that further its strategic objectives.”
Pfizer, which will pay $86.25 per share — including a $20.65 per share contingent value right tied to Metsera’s drug milestones — described the deal as a key step in rebuilding its pipeline after recent setbacks. The company is under growing pressure to offset declining COVID-19 vaccine and antiviral sales, and its previous efforts to develop weight-loss drugs in-house faltered.
The win is a symbolic comeback for Pfizer, long viewed as lagging behind in the new generation of metabolic treatments.
“While this is a smaller deal, Pfizer must believe that Metsera’s pipeline is key for its future,” Reuters quoted John LaMattina, former head of research and development at Pfizer, as saying, likening the bidding battle to the company’s $90 billion takeover of Warner-Lambert in 2000 to secure Lipitor.
Metsera’s leading candidates — MET-097i, a GLP-1 injectable, and MET-233i, an amylin-mimicking drug — are still years away from commercialization but could together generate $5 billion in peak annual sales, according to Leerink Partners analyst David Risinger.
However, some analysts cited by Reuters have warned that Pfizer’s aggressive price tag assumes highly optimistic projections. Bernstein’s Courtney Breen said the company would need Metsera to generate roughly $11 billion in revenue by 2040, nearly double current expectations. She also cited growing skepticism about long-term GLP-1 pricing as competition expands, potentially eroding profit margins.
Still, Pfizer executives view the acquisition as a strategic bet on a market undergoing explosive growth.
“This transaction reflects Pfizer’s commitment to expanding its leadership in metabolic disease research,” the company said, adding that it expects to finalize the merger soon after Metsera’s November 13 shareholder meeting.
For Novo Nordisk, the loss stings but may not slow its momentum. The company remains a leader in the obesity space, though it has faced increasing supply constraints and regulatory scrutiny amid its rapid global expansion. Analysts say its failed pursuit of Metsera underscores the tightening antitrust environment for dominant drugmakers in the U.S.
Meanwhile, the competition for next-generation weight-loss treatments continues to intensify. Investors and analysts have described the Pfizer–Novo battle as a “Game of Thrones-level” struggle for control of the next wave of obesity science — a sign of just how high the stakes have become in one of the world’s most lucrative drug markets.