A heated bidding war between pharmaceutical giants Pfizer and Novo Nordisk over U.S. biotech firm Metsera reached a critical point on Thursday, with both companies vying to secure the startup’s promising obesity drug assets.
The contest, valued at around $10 billion, underscores the growing intensity of competition in the global weight-loss treatment market, which analysts expect could reach $150 billion early next decade.
Pfizer Tries to Match Novo’s Higher Offer
According to reports, Pfizer planned to enhance its bid before a Wednesday midnight deadline after a judge rejected its attempt to block Novo’s rival offer.
The Financial Times reported that Pfizer had matched Novo’s proposal, which was set to expire at 10 a.m. (1500 GMT) on Thursday.
As of Thursday morning, neither Pfizer nor Metsera had publicly confirmed any revised bids, while Novo Nordisk declined to comment.
A High-Stakes Battle for Obesity Drug Assets
Pfizer’s scramble to rescue its deal comes after Novo launched an unsolicited bid last week — its seventh attempt since January — challenging Pfizer’s $7.3 billion agreement with Metsera announced in September.
Metsera later described Novo’s offer as “superior,” a characterization Pfizer disputes, arguing that Novo’s two-step acquisition plan could face regulatory challenges.
Novo, however, insists that its proposal complies with all relevant legal standards.
“The battle pits two of the world’s biggest pharmaceutical companies against each other,” said one industry analyst, noting the strategic significance of next-generation GLP-1 weight-loss treatments to both firms.
Market Leaders Fight for Dominance
For Novo Nordisk, the move represents an attempt to reclaim its dominance in the obesity drug sector, which has recently been challenged by Eli Lilly’s success.
Pfizer, meanwhile, is seeking to gain a foothold in the booming market after past setbacks in developing its own GLP-1 therapies.
“Some assets are truly worth fighting over,” said Peter Kolchinsky, managing partner at RA Capital and one of Metsera’s top-20 shareholders.
Legal Scrutiny and Corporate Maneuvering
The corporate standoff has been marked by court filings, press releases, and even a letter from the U.S. Federal Trade Commission raising concerns about the legality of Novo’s acquisition strategy.
As the Thursday deadline approached, the outcome remained uncertain — with both companies under pressure to secure control of Metsera’s assets before time runs out.
The high-stakes contest highlights how the world’s largest drugmakers are racing to dominate the lucrative obesity treatment market, where scientific innovation and corporate muscle are increasingly intertwined.
