Pfizer wins "battle of the bids" for Metsera startup against Novo Nordisk after intervention of US authorities

Metsera, an American biotechnology company that develops promising weight loss drugs, has agreed to merge with Pfizer, rejecting a competitive offer from Danish Novo Nordisk. This is stated in the official statement of the company.

Metsera reported that the US Federal Trade Commission (FTC) has warned the company of possible antitrust risks in the event of a deal with Novo Nordisk. As a result, Metsera's board called the proposal "legally and regulatory too risky.".

According to the updated terms of the agreement, Pfizer will acquire Metsera for up to $86.25 per share – of which $65.60 is paid in cash and up to $20.65 in additional payments (contingent value rights) if the company achieves certain targets.

Metsera's total valuation is about $10 billion.

The subject of the rivalry between Pfizer and Novo Nordisk is the experimental injectable drug MET-097i from Metsera, which is seen as a potential competitor to the popular weight loss drugs Wegovy and Ozempic.

In September 2025, the company announced good results from its Phase 2b clinical trial.

Study participants lost an average of up to 14.1% of their weight in 28 weeks (compared to placebo), with some individuals losing up to 26.5%. Weight loss continued with no signs of plateauing.

Unlike existing GLP-1 drugs, MET-097i demonstrated minimal side effects – diarrhea at the level of placebo, nausea in only 13% of patients over placebo.

• The global market for obesity drugs is experiencing explosive growth and is estimated to be worth tens of billions of dollars annually. Novo Nordisk currently dominates this market with semaglutide (Ozempic, Wegovy), while the American Eli Lilly competes with tireseparatide (Mounjaro, Zepbound).