- Novo Nordisk vs. Pfizer offers: Novo launched an $8.5 billion unsolicited bid for obesity biotech Metsera on Oct. 30, 2025 (about $6 billion upfront plus milestone payments) [1]. This topples Pfizer’s already-agreed deal (~$7.3 billion total, including CVRs) [2] [3]. Novo’s offer pays $56.50 per share in cash plus up to $21.25 in contingent value rights [4], valuing Metsera at ~$6.5B now (up to ~$9B with milestones) – a clear premium to its pre-bid price.
- Market reaction: Metsera stock surged ~18% (to about $52) in premarket trading on the news [5], while Novo Nordisk’s Copenhagen-listed shares fell roughly 3% [6]. By comparison, Pfizer (PFE) shares stayed near ~$24.3 (little changed) on the day. Novo’s share price has already plunged ~45% year-to-date (down from about 117 DKK in late 2024 to ~55 DKK now) [7] [8], so analysts are watching closely.
- Pfizer’s response: Pfizer quickly denounced Novo’s bid as “reckless” and warned it could hurt competition in the obesity-drug market [9]. (Pfizer had agreed in September to acquire Metsera for about $4.9B upfront plus up to $7.3B total [10].) The sudden challenge complicates Pfizer’s obesity strategy, but investors note Pfizer also has other growth drivers (cancer drugs, vaccines) and a hefty 7% dividend yield [11].
- Metsera’s pipeline value: Metsera develops next-generation weight-loss therapies – a GLP-1 injectable (MET-097i) and an amylin analog (MET-233i) [12]. These candidates have shown promising results (~14% placebo-adjusted weight loss in trials) [13]. Leerink Partners analyst David Risinger projects $5+ billion in peak annual sales from Metsera’s obesity pipeline [14], underscoring why the biotech is hotly contested.
- Obesity market boom: The global obesity treatment market is projected to hit roughly $150 billion by the early 2030s [15]. Demand for GLP-1 drugs (Wegovy/Ozempic, Lilly’s Mounjaro/Zepbound, etc.) has exploded, fueling intense rivalry. TechStock² reports that Lilly’s tirzepatide-based drugs are already “aggressively cutting into Wegovy’s market” [16], illustrating the stakes. Big pharma companies want in on the next wave of weight-loss meds, driving high-stakes bids like this one.
Novo’s counter-offer details
Novo Nordisk’s proposal is unsolicited, meaning Metsera’s board and shareholders will now review it against Pfizer’s agreement. Novo emphasizes that Metsera’s experimental therapies would be “complementary” to its own obesity portfolio [17]. According to MarketScreener (Dow Jones Newswires), the bid is $56.50 in cash per Metsera share plus $21.25 in milestone CVRs [18]. By contrast, Pfizer’s September deal was $4.9B upfront (about $28.50/share) plus CVRs, for up to ~$7.3B [19] [20]. Novo’s offer thus values the company at roughly $6.5B upfront, sweetened to ~$9B with earnouts.
Novo’s CEO Maziar “Mike” Doustdar hailed the move as proof of the company’s ambition. In recent acquisitions of non-obesity assets (e.g. Akero Therapeutics), he said Novo was showing a “relentless ambition to move faster, go further” [21]. The Metsera bid follows a sweeping boardroom shake-up at Novo, where its largest shareholder demanded faster action in the U.S. market [22]. Now Novo is doubling down, essentially offering a higher price to hijack Pfizer’s deal and expand its obesity pipeline.
Metsera’s pipeline and market potential
Metsera (Nasdaq: MTSR) is a small biotech focused exclusively on obesity treatments. Its lead programs include MET-097i (a once-monthly GLP-1 injectable) and MET-233i (an oral drug mimicking the hormone amylin) [23]. Both aim to enhance weight loss beyond current therapies. Early data suggest these drugs could be best-in-class: one analysis notes MET-097i achieved roughly a 14% body-weight reduction in 28 weeks, comparable to Lilly’s Zepbound [24]. Success in these trials has fueled the high valuation.
Analysts emphasize how lucrative the market is. The global obesity drug market – driven by GLP-1 therapies – is on track for explosive growth. Leerink Partners’ David Risinger estimated Metsera’s portfolio could reach over $5 billion in peak annual sales [25]. (For reference, Novo’s Wegovy alone has been a multi-billion-dollar success). TechStock² notes the broader race: Eli Lilly’s Mounjaro (Zepbound) has even briefly overtaken Wegovy in U.S. obesity prescriptions [26]. New players (like Merck, Altimmune, and even generics) are also eyeing market share. In short, winning the Metsera bid could give the acquirer a valuable foothold in the next-generation weight-loss wave.
Market reaction and stock impact
The market’s response to the bidding war has been dramatic. Metsera’s stock leapt roughly 18% in premarket trading on Oct. 30 [27] (closing around $52). That reflects speculators valuing Novo’s higher offer. Meanwhile Novo Nordisk’s shares fell about 3% [28] as Copenhagen investors digested the hefty price tag and strategic gamble. (Pfizer’s stock held steady, while Eli Lilly’s (LLY) stock continued its recent strength thanks to its successful GLP-1 drugs.)
Novo’s share price has already been battered this year. Reuters reports the stock is down ~45% in 2025 [29], wiping out tens of billions in market cap. (It closed around DKK326 on Oct. 21 [30], versus ~DKK730 a year earlier.) Investors have been cautious as Wegovy sales slowed and competition intensified. Still, some analysts see value at current levels. TechStock² notes a consensus 12‑month price target of roughly DKK608 (about $80) [31], implying nearly +50% upside. Others disagree: Morgan Stanley cut its target to around DKK350 (~$47) [32], warning that GLP-1 demand may have peaked. Overall, the street’s view is mixed – roughly a “moderate buy” consensus [33] – as investors weigh Novo’s dominant diabetes franchise against near-term headwinds.
Analysts’ outlook and expert commentary
Industry analysts and insiders are watching closely. Barclays strategists characterize the recent board changes and takeover push as a “structural governance reset” [34], aimed at aligning Novo’s leadership with a new U.S.-centric strategy (more consumer and digital expertise). Nordnet analyst Per Hansen cautioned that the overhaul creates “lots of challenges short term, lots of opportunities long term” [35] – in other words, uncertainty in the near term but potential gains if Novo can right the ship.
Novo’s new CEO Doustdar – who began massive cost cuts this year – clearly wants to bulk up faster. He said the Metsera bid reflects the company’s “relentless ambition” to accelerate growth [36]. If Novo wins the deal, it would import Metsera’s novel candidates into its pipeline and potentially reassert leadership in obesity. For now, the verdict on Novo’s strategy is mixed: bulls point to its strong cash flow (high margins, $7% dividend yield) and blockbuster pipeline in diabetes/obesity; bears worry about price wars (e.g. U.S. drug pricing reform) and weaker-than-expected growth.
In the short term, the focus will be on Metsera’s board decision and any further bids. For investors in Novo and Pfizer, upcoming earnings and trial readouts will be key catalysts. If Novo can close the Metsera deal and execute on its new strategy, its stock could recover. But if GLP-1 pricing or competition worsens, the road may remain bumpy. As one TS2 tech analyst put it, whether Pfizer and Novo succeed will depend on their ability to “lock in their share of the weight-loss boom” in a very fast-moving market [37] [38].
Sources: News wires and industry reports, including Reuters [39] [40], Dow Jones/WSJ [41] [42], Seeking Alpha [43], and TechStock² [44] [45] [46]. These cover the latest developments, stock data, and analyst commentary.
References
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