After a turbulent bidding war, the Pfizer agreed to buy Metsera for up to $10 billion, beating it out Novo Nordiskafter US regulatory intervention quashed the Danish pharmaceutical company’s competing bid for the anti-obesity drug startup.
Pfizer raised its offer to as much as $86.25 per share, matching Novo Nordisk’s revised offer on Nov. 6. The US company agreed to pay $65.60 per share in cash and up to $20.65 per share depending on the achievement of certain targets, Metsera said in a statement on Friday (11/8/25).
Metsera cited a call from the US Federal Trade Commission about potential risks of moving forward with the proposed deal structure with Novo. For its part, Pfizer had already secured FTC approval for its bid.