FTC granted early termination of the Hart‑Scott‑Rodino waiting period for Pfizer’s pending acquisition of Metsera, removing a regulatory hurdle that could have delayed or blocked the deal.
The early termination indicates that the FTC did not find antitrust concerns that would require additional scrutiny, allowing Pfizer to proceed with the $4.9 billion transaction.
The acquisition follows a bidding war in which Novo Nordisk offered up to $9 billion, but Pfizer’s offer includes a contingent value right of up to $22.50 per share tied to clinical milestones, potentially increasing the total value if those milestones are met.
Metsera, a clinical‑stage biotechnology company focused on next‑generation nutrient‑stimulated hormone analogs, has candidates such as MET‑097i, a GLP‑1 receptor agonist in Phase 2b, and MET‑233i, an amylin analog in development for obesity and diabetes.
Pfizer’s acquisition is part of its strategy to strengthen its obesity drug portfolio after discontinuing its own oral weight‑loss candidates, danuglipron and lotiglipron, due to safety concerns.
The deal structure includes a $4.9 billion cash payment and the contingent value right, which could bring the total value closer to Novo Nordisk’s offer if Metsera meets specified milestones.
The early termination of the Hart‑Scott‑Rodino waiting period was granted after the FTC completed its review, which was reinstated in January 2025 following a pandemic‑related suspension.
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