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.
Comments