Pfizer (PFE) Clinches $10 Billion Metsera Deal as Novo Nordisk Exits—What It Means for the Obesity Drug Race (Nov. 8, 2025)
Key takeaways 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. PR Newswire+1 Notably, Pfizer had already received early termination of the HSR waiting period from