Pfizer Clinches $10B Deal For Obesity Drug Maker, Beating Novo In Fierce Bidding War

Benzinga

Pfizer is acquiring obesity drug developer Metsera for $10B, beating out Novo Nordisk after antitrust concerns led Novo to withdraw. The deal gives Pfizer a new foothold in the booming weight-loss drug market as it tries to rebound from earlier obesity drug setbacks. Analysts say the price reflects high expectations for future GLP-1 sales despite long-term pricing uncertainty.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Pfizer secured a $10 billion deal to acquire obesity drug developer Metzra,

00:07ending a heated bidding war with Novo Nordisk, according to Reuters.

00:12Metzra's board cited antitrust risks in Novo's competing offer,

00:16which prompted the Danish drugmaker to withdraw.

00:19Pfizer will pay $86.25 per share, including $65.60 in cash,

00:25and up to $20.65 in contingent payments.

00:30The acquisition gives Pfizer a foothold in the fast-growing weight loss market

00:34as it seeks to rebound from past setbacks in obesity drug development.

00:38Novo Nordisk said it would not raise its bid for Metzra

00:41and will instead focus on advancing its own obesity drug pipeline and future acquisitions.

00:47Analysts say the price assumes strong future sales,

00:49despite uncertainty around long-term GLP-1 pricing.

00:52For all things money, visit Benzinga.com.

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