All Access

Biotech Deals

Biotech Deals Alert

Alert

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

stock-market-news

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

pittsburgh

atlanta

san-diego

charlotte

boulder

washington-dc

kansas-city

dallas

denver

detroit

des-moines

austin

boston

chicago

cleveland

columbus

houston

indianapolis

miami

nashville

new-orleans

nw-arkansas

philadelphia

phoenix

portland

richmond

salt-lake-city

san-antonio

san-francisco

seattle

tampa-bay

twin-cities

raleigh

huntsville

axios-local

axios-pro

axios-live

the-axios-show

Novo Nordisk's launch Thursday morning of a bidding war with Pfizer for obesity startup Metsera is its latest effort to fend off obesity drug competitors.

Why it matters: The Danish drug giant is offering to pay a rich premium for Metsera under unique deal terms.

Driving the news: Novo's offer to acquire New York-based Metsera for up to $9 billion, or $77.75 per share, is 11% higher than Pfizer's maximum bid value of $7.3 billion, or $70 per share.

By the numbers: Novo's two-part offer would provide $6.5 billion, or $56.50 per share in cash upfront, which will be paid to Metsera, rather than to shareholders.

Under the proposal, Metsera would then declare a $56.50 dividend to investors after the deal is signed, but before it undergoes regulatory scrutiny.

While the deal is pending, Novo would own non-voting preferred stock equal to 50% of Metsera.

If the deal is approved by regulators, Novo's offer would then grow by as much as $21.25 per share, or $2.5 billion, if certain milestones are met.

When asked what happens if the deal is blocked by regulators, Novo spokesperson Ambre James-Brown says, "We still have to wait, but basically, we would become shareholders. Again, let's see where this lands. It's a unique deal."

What they're saying: Pfizer called Novo's bid "reckless" and "unprecedented," adding in the statement that it is an "attempt by a company with a dominant market position to suppress competition in violation of law by taking over an emerging American challenger."

Pfizer also said Novo's bid is structured to "circumvent antitrust laws and carries substantial regulatory and executional risk."

What we're hearing: "We would not have made this bid if we did not believe that a deal could gain approval, but a potential deal will of course be subject to the usual regulatory approvals," Novo spokesperson Martin Havtorn Petersen tells Axios.

Petersen also says Novo made the ambitious bid on Metsera because the company's portfolio is "in line" with its "long-term strategy of developing innovative and differentiated medicines."

The latest: Novo shares fell 2.6% to close at $50.04 on Thursday, while Metsera was up 22.1% to $63.73.

The big picture: Novo's bid for Metsera shows how badly it needs to kickstart growth as it competes with Indianapolis-based Eli Lilly and other manufacturers to develop, or buy, next-generation anti-obesity drugs.

Novo, which also faces competition from compounded versions of semaglutide, still leads in GLP-1 sales, but Eli Lilly's dual-agonist injectables have shown better efficacy in clinical trials.

Metsera has four obesity drug candidates in clinical development, as well as several other earlier programs.

Versions of its weekly and monthly injectable GLP-1 receptor agonist MET-097i are in Phase 2 studies — a key testing stage where many experimental drugs stumble, leaving open the chance of lackluster results and Novo potentially taking a write-down on Metsera.

Catch up quick: CEO Maziar Mike Doustdar joined the company in August on the promise to turn it around after struggles over the past year.

He has since cut thousands of jobs and agreed to buy liver disease drugmaker Akero Therapeutics for $5.2 billion earlier this month.

Last week, half the company's board, including the chair, resigned.

Between the lines: Doustdar's aggressive Metsera bid is giving shareholders a better idea of the company's new dealmaking approach and leadership style.

What's next: Metsera now has four days to negotiate changes to Pfizer's original proposal and can ultimately bail on the deal if it deems Novo's offer the better option.

Novo is expected to report earnings next week.

Novo Nordisk's Metsera bid shows how far it'll go to outpace competitors

The Danish drug giant is offering to pay a rich premium for Metsera under unique deal terms.

Illustration of a fountain pen and a Semaglutide injector crossed as if in battle. 

Novo Nordisk&#x27;s launch Thursday morning of a bidding war with Pfizer for obesity startup Metsera is its latest effort to <a class="gtmContentClick" data-vars-link-text="fend off obesity drug competitors" data-vars-click-url="https://www.axios.com/2025/10/21/glp-1-brands-obesity-eli-lilly-weight-loss-drugs" data-vars-content-id="3a8559e5-811f-430c-a19d-b916079841e6" data-vars-headline="Novo Nordisk&#x27;s Metsera bid shows how far it&#x27;ll go to outpace competitors" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/10/21/glp-1-brands-obesity-eli-lilly-weight-loss-drugs" target="_self">fend off obesity drug competitors</a>.Why it matters: The Danish drug giant is offering to pay a rich premium for Metsera under unique deal terms.

Novo Nordisk's Metsera bid shows how far it'll go to outpace competitors

What to read next