Novo Nordisk Launches $9B Bid for Metsera

Novo Nordisk launched an unsolicited bid to acquire U.S. obesity biotech Metsera that could upend an existing agreement with Pfizer and intensify the race for next‑generation weight‑loss treatments. Novo’s proposal offers $56.50 a share plus contingent value rights worth up to $21.25 per share, valuing Metsera at about $6.5 billion in equity and up to $9 billion including milestones. Pfizer, which had already struck a $7.3 billion deal for Metsera, called Novo’s approach reckless and warned of antitrust and legal challenges while signaling it may raise or defend its offer. The takeover attempt follows a shareholder‑sparked board overhaul at Novo and a pledge by new leadership to be more aggressive after losing ground to Eli Lilly. Metsera is prized for a pipeline including an amylin‑targeting candidate (MET‑233i), an oral weight‑loss pill and a monthly injectable program, and the bidding has lifted Metsera’s stock and rival biotech valuations. Observers say Novo’s raid departs from its historically cautious strategy and highlights mounting pressure as competition reshapes the lucrative obesity market.