Pfizer Acquires Metsera for Up to $10 Billion

Pfizer has secured a deal to acquire Metsera, a New York-based developer of experimental obesity treatments, for up to $10 billion, prevailing in an intense bidding contest with Danish rival Novo Nordisk. The agreement, announced Friday, values Metsera at up to $86.25 per share, including $65.60 in upfront cash and a contingent value right of up to $20.65 tied to development and regulatory milestones. The transaction is expected to close shortly after Metsera's shareholder meeting on November 13.

Metsera's board selected Pfizer's revised offer after evaluating competing proposals, citing greater value for shareholders and reduced regulatory hurdles. Officials from Metsera stated that the decision followed a competitive process and considered recent developments, including a discussion with the U.S. Federal Trade Commission about potential antitrust risks in a deal with Novo Nordisk. The FTC had contacted the companies earlier in the week, raising concerns that Novo's proposed structure could violate U.S. competition laws. In contrast, Pfizer's bid offered higher certainty of completion, according to the board.

The acquisition caps a month-long escalation that began in September...