Published by Global Banking & Finance Review®
Posted on November 6, 2025
3 min readLast updated: January 21, 2026
Add as preferred source on GooglePfizer and Novo Nordisk are intensifying their bids for Metsera, aiming to dominate the obesity drug market, with offers exceeding $10 billion.
By Sabrina Valle and Maggie Fick
NEW YORK/LONDON (Reuters) -The Pfizer and Novo Nordisk battle for obesity drug developer Metsera intensified on Thursday after a fresh round of sweetened bids.
Novo raised its offer for the U.S. biotech on Thursday just hours after New York-based Pfizer matched the Danish drugmaker's previous $10 billion proposal late on Wednesday, according to two people familiar with the process.
The acquisition fight has escalated into a legal and strategic standoff with Novo seeking to wrest Metsera’s obesity drug assets from Pfizer’s grip through a complicated deal structure that has drawn scrutiny from regulators.
Both Pfizer and Novo raised their offers, with the exact dollar amount unknown, according to people close to the matter. The bidding war started privately in January and became public last week, when Novo made an unsolicited offer for Metsera in a challenge to Pfizer’s $7.3 billion agreement announced in September.
There were at least 16 separate offers exchanged between the two companies, according to public records.
METSERA PIPELINE PRIZE
The bidding war centers on Metsera's pipeline of experimental obesity treatments that analysts estimated could be worth several billion dollars annually if they are approved. Its lead drug candidate is a once-monthly injection.
Novo is trying to recover a once-commanding position in the increasingly competitive weight loss market it has lost to Eli Lilly, while Pfizer aims to overcome past stumbles and enter the highly lucrative field.
Pfizer's seventh bid, according to public documents, matched Novo’s $10 billion offer just ahead of a deadline that would have left it out of the race. Novo responded on Thursday.
The oneupmanship has been a boon to Metsera shareholders. Its shares were up more than 13% on Thursday and have gained nearly 50% since Novo made its public unsolicited bid last week.
The latest round of bidding follows a Delaware court’s decision on Wednesday to not block Metsera from walking away from its agreement with Pfizer, and comes amid scrutiny from the U.S. Federal Trade Commission over Novo’s two-step acquisition structure.
The Financial Times first reported that Novo had once again raised its bid after Pfizer matched Novo's offer.
Metsera, Pfizer and Novo did not comment on the report of the renewed bids.
Some analysts estimate the obesity drug market will hit $150 billion early next decade.
"Some assets are truly worth fighting over," said Peter Kolchinsky, managing partner at RA Capital, a major investor in early-stage biotech firms, and a top-20 Metsera shareholder.
Pfizer shares were up 1%, while Novo Nordisk droppped 3% in Europe.
(Reporting by Sabrina Valle in New York, Maggie Fick, Bhanvi Satija in London, and Christy Santhosh in Bengalaru; Editing by Adam Jourdan, Mark Potter and Bill Berkrot)
A bidding war occurs when two or more parties compete to purchase an asset by making increasingly higher offers. This often leads to a significant increase in the asset's final sale price.
An acquisition is a corporate action where one company purchases most or all of another company's shares to gain control. This can lead to the integration of the acquired company's assets and operations.
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