Key takeaways
- Pfizer won the week‑long bidding war for obesity‑drug developer Metsera with a deal valued up to $10 billion, positioning PFE back in the fast‑growing weight‑loss market. 1
- Final terms include $65.60 in cash + up to $20.65 per share in CVRs (total $86.25 per Metsera share), with Metsera’s board recommending approval ahead of a Nov. 13 shareholder vote. 2
- Novo Nordisk withdrew on Nov. 8 after FTC antitrust concerns over its rival proposal, clearing the path for Pfizer. 1
- The deal follows Pfizer’s Q3 results and a higher 2025 EPS outlook ($3.00–$3.15) earlier this week. 3
- PFE closed Friday, Nov. 7 at $24.43; Metsera shares surged nearly 60% over the week during the bidding drama. 4
What happened (Nov. 7–8)
Late Friday, Metsera accepted a sweetened offer from Pfizer: $65.60 per share in cash plus a contingent value right (CVR) of up to $20.65 per share, valuing the biotech at up to $10 billion. On Saturday, Novo Nordisk said it would not increase its bid and exited the race, citing legal and regulatory risks tied to its two‑step proposal. Metsera’s board said Pfizer’s amended agreement carries lower antitrust risk and recommended shareholders approve it at a Nov. 13 meeting. 2
Notably, Pfizer had already received early termination of the HSR waiting period from the U.S. FTC for its pending Metsera deal on Oct. 31—an important procedural step that can help speed closing once shareholders vote. 5
Why this matters for PFE
Obesity medicines are a once‑in‑a‑generation market. Analysts peg potential GLP‑1–driven obesity sales at ~$150 billion by the next decade. For Pfizer—which shelved an internal oral GLP‑1 program last year—the Metsera acquisition is a strategic shortcut back into the category. Metsera’s early‑stage portfolio includes a GLP‑1 injectable (MET‑097i) and an amylin analog (MET‑233i); together, external estimates cited by Reuters put combined peak sales around $5 billion, underscoring why Pfizer fought to keep the asset. 1
The timing dovetails with Pfizer’s Q3 update on Nov. 4, where the company raised 2025 EPS guidance to $3.00–$3.15, even as Covid‑era products normalized. Re‑accelerating growth in cardiometabolic disease with a credible obesity pipeline helps PFE broaden beyond its post‑pandemic reset. 3
Terms at a glance
- Headline value: Up to $10 billion (per‑share consideration of $65.60 cash + up to $20.65 CVR = $86.25).
- Board stance:Metsera’s board reaffirmed support for Pfizer’s amended deal.
- Next step:Shareholder vote on Nov. 13; Pfizer anticipates prompt closing thereafter. 2
Market reaction
- Pfizer (NYSE: PFE):Closed Nov. 7 at $24.43 (–1.69% day‑over‑day), ahead of the weekend headline confirming Novo’s withdrawal. 4
- Metsera (NASDAQ: MTSR):Jumped nearly 60% over the week as bids escalated, per Reuters reporting. 1
The antitrust and legal backdrop (context)
The week leading into the revised agreement was turbulent. On Nov. 5, a Delaware judge indicated she would deny Pfizer’s request for a temporary restraining order aimed at blocking Metsera from terminating the earlier merger framework—intensifying the pressure on Pfizer to sweeten its bid. Separately, on Nov. 3, Pfizer filed a second federal antitrust lawsuit against Metsera, certain shareholders, and Novo Nordisk, accusing them of anticompetitive conduct surrounding the rival offer. 6
Other Pfizer headlines dated Nov. 7–8
- Dividend record date passed: Pfizer’s Q4 2025 dividend of $0.43 per share is payable Dec. 1 to shareholders of record as of Nov. 7, 2025. (This dividend was declared Oct. 9; the record date fell on Friday.) 7
- Advertising dispute referral: The BBB National Programs’ National Advertising Division said on Nov. 7 it will refer a BridgeBio Pharma matter to government agencies after a challenge submitted by Pfizer—a minor but notable compliance development. 8
What to watch next
- Metsera shareholder vote (Nov. 13): Approval would allow Pfizer to close quickly, given the prior FTS early‑termination of the HSR waiting period. 1
- Integration and timelines: Investors will look for development milestones that trigger CVR payouts and for clinical catalysts that can put Pfizer’s cardiometabolic franchise on a credible path to mid‑to‑late‑decade revenue. (Deal terms outline milestone‑based CVR triggers.) 2
- Guidance updates: With Q3 in the rearview and the deal nearing close, any commentary on 2026+ bridge and capital allocation (debt paydown vs. buybacks) will be key for multiple expansion. 3
Bottom line
Pfizer’s victory over Novo Nordisk to secure Metsera resets the company’s obesity strategy in one stroke. The price is full, but the strategic rationale is straightforward: secure high‑potential GLP‑1 and amylin assets, remove a bidding overhang, and reframe PFE’s growth story beyond Covid normalization. The Nov. 13 vote is the last near‑term hurdle; with FTC early clearance already in hand, closing soon after would let Pfizer get to work on development and go‑to‑market planning. 1
Reporting date: Nov. 8, 2025. This article summarizes Pfizer Inc. news specifically from Nov. 7–8, 2025, with select earlier items included for context as clearly dated above.
