Metsera Declares Novo Nordisk’s $10 Billion Offer Superior to Pfizer’s Bid
Nov 4, 2025
Metsera, a company specializing in obesity treatments, announced that it has received a revised acquisition proposal from Novo Nordisk. After reviewing the offer with its counsel and advisors, Metsera’s Board of Directors determined that the new proposal is superior to the existing bid from Pfizer.
Novo Nordisk’s amended offer values Metsera at up to $86.20 per share, or approximately $10 billion in total. This is higher than Pfizer’s revised proposal, which valued Metsera at up to $70 per share, or about $8.1 billion.
According to the merger agreement with Pfizer, Metsera and Pfizer may engage in negotiations about possible changes for two business days. During this time, the agreement with Pfizer remains in effect, and Metsera shareholders do not need to take any action.
What does it mean that Novo Nordisk’s offer is ‘superior’?
It means Metsera’s board believes the Novo Nordisk proposal is better for its shareholders than Pfizer’s current offer.
Do Metsera shareholders need to do anything right now?
No, shareholders do not need to take any action at this time.
Could Pfizer make a new offer?
Yes, under the merger agreement, Metsera and Pfizer can negotiate possible changes for two business days.
Sources
Metsera Receives Amended Proposal from Novo Nordisk; Metsera Declares Novo Nordi...
Novo Nordisk Amended Proposal Values Metsera at up to $ 86.20 per Share, a Total of Approximately $ 10.0 Billion Superior to Revised Pfizer Proposal that Valued Metsera at up to $ 70.00 per Share, a Total of Approximately $ 8.1 Billion Pursuant to Pfizer Merger Agreement, Metsera and Pfizer May Nego...
Metsera said it received a revised acquisition offer from Novo Nordisk that it c...
WSJ
WSJ
The new offer constitutes a superior company proposal to Pfizer's bid, Metsera said.
Metsera says Novo Nordisk's new bid for obesity drugmaker is ‘superior' to revis...
CNBC
CNBC
Metsera said Novo Nordisk's new bid for the obesity biotech is "superior" to a revised offer from Pfizer, escalating a heated tussle over the startup between the two pharmaceutical giants. Novo Nordisk's new proposal values Metsera at up to $86.20 per share, for a total of around $10 billion.
Novo Nordisk submits updated proposal to acquire Metsera, Inc.
GlobeNewsWire
GlobeNewsWire
Today, Novo Nordisk confirms that it has submitted an updated, unsolicited proposal to acquire Metsera. The updated proposal has been declared superior
Novo Nordisk, Pfizer sweeten bid for Metsera as bidding war heats up
Reuters
Reuters
Novo Nordisk and Pfizer have revised their bids for Metsera , the obesity drug developer said on Tuesday.
Novo Sweetens Its Bid For Metsera, Pledging Up To $10 Billion
Investors Business Daily
Investors Business Daily
Novo Nordisk said it would pay up to $10 billion to acquire obesity-focused Metsera, topping Pfizer's recently hiked $8.1 billion proposal.
Delaware judge does not see current need for court in Metsera bidding war betwee...
Reuters
Reuters
A Delaware judge said on Tuesday she did not see in a preliminary evaluation the need to involve the court in the bidding war for Metsera between Pfizer and Novo Nordisk, but did schedule another hearing for 3:15 pm ET on Wednesday to review the process.
Novo Nordisk tops Pfizer in bidding war for obesity startup Metsera
Proactive Investors
Proactive Investors
Novo Nordisk (NYSE:NVO) has outbid Pfizer Inc (NYSE:PFE, ETR:PFE) in a heated contest for obesity-focused biotech Metsera (NASDAQ:MTSR), with the Danish drugmaker's revised offer valuing the company at roughly $10 billion, compared with Pfizer's $8.1 billion proposal. Metsera's board on Tuesday decl...
Pfizer and Novo Nordisk both raise bids for Metsera
CNBC Television
CNBC Television
CNBC's David Faber breaks down the latest details about a bidding war between Pfizer and Novo Nordisk for Metsera.
Why Metsera stock's 20% surge signals a fierce Pfizer-Novo Nordisk bidding war
Invezz
Invezz
Metsera stock (NASDAQ: MTSR) surged roughly 20% on Tuesday after the obesity-focused biotech announced that Novo Nordisk's revised $10 billion acquisition proposal has been deemed “superior” to Pfizer's competing bid. The escalating bidding war underscores the pharmaceutical industry's unprecedented...
Pfizer, Novo Nordisk Intensify Fight For Metsera As Buyout Offers Continue To Cl...
Benzinga
Benzinga
Adding more drama to Metsera Inc.'s (NASDAQ:MTSR) acquisition deal, Novo Nordisk A/S (NYSE:NVO) increased the deal proposal to $62.20 per share in cash, up from $56.50.
Novo Nordisk Reports Earnings on Wednesday. What to Expect.
Barrons
Barrons
The Danish drugmaker has gone from steady to chaotic. Its fight with Pfizer to acquire Metsera is getting more and more heated.
Novo Nordisk downgrades sales outlook again amid bidding war with Pfizer for Met...
Market Watch
Market Watch
Management lowers full-year guidance, warns about competition, launches bid for Metsera.
Novo Nordisk CEO: Confident we will close Metsera deal
CNBC International TV
CNBC International TV
Novo Nordisk CEO Mike Doustdar tells CNBC he expects to close the company's takeover offer for Metsera. This as the company finds itself in a bidding war with Pfizer for U.S. biotech firm.
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