Novo Nordisk and Pfizer Engage in Bidding War for US Biotech Metsera
Denmark’s Novo Nordisk has initiated a competitive bid for the U.S. biotech firm Metsera, aiming to surpass Pfizer’s earlier offer. This bidding war highlights the intense rivalry in the burgeoning obesity drug sector.
Novo Nordisk vs. Pfizer: The Bidding War for Metsera
On October 30, 2025, Novo Nordisk submitted a bid valued at up to $8.5 billion. This includes an immediate payment of $6 billion and potential payments tied to milestones. In contrast, Pfizer’s offer stood at $7.3 billion, including similar milestone payments.
Market Dynamics
The global obesity drug market is poised to grow significantly, projected to reach $150 billion by the early 2030s. Companies are racing to capitalize on this trend, particularly with the rise of GLP-1 therapies.
- Novo Nordisk: Competes primarily with Eli Lilly in the obesity space.
- Market Potential: Novo believes acquiring Metsera will enhance its therapeutic portfolio.
Concerns Over Competition
Pfizer has criticized Novo Nordisk’s aggressive bidding strategy, labeling it “reckless” and claiming it could hinder fair competition in the obesity drug market. This assertion underscores the high stakes involved as pharmaceutical companies vie for dominance.
Metsera’s Promise
Metsera specializes in experimental obesity treatments. Key products include:
- MET-097i: A GLP-1 injectable.
- MET-233i: Mimics the pancreatic hormone amylin.
Analyst David Risinger from Leerink Partners estimates the combined peak sales for Metsera’s pipeline could exceed $5 billion.
Stock Performance
Since January 2025, Metsera’s stock has surged nearly 100%. The price climbed from $26.50 on January 31 to $52.21 as of October 2025, reflecting investor optimism about the company’s future.
This bidding war illustrates the escalating competition among leading pharmaceutical companies in the obesity treatment market, as they seek innovative solutions to meet rising consumer demand.
