Pfizer has matched Novo Nordisk’s $10 billion offer for the obesity‑focused biotech Metsera, valuing the company at $86.20 per share. The new bid includes an upfront cash component and a contingent value right (CVR) that could add up to $24 per share, mirroring the structure of Novo Nordisk’s proposal. The deal follows Pfizer’s earlier September 2025 agreement to acquire Metsera for an enterprise value of roughly $4.9 billion, which also contained a CVR for potential additional payments.
Metsera’s pipeline centers on a once‑monthly GLP‑1 candidate and an amylin‑based therapy that could provide a differentiated dosing schedule compared with Novo Nordisk’s Wegovy. The obesity market is projected to reach $100 billion by 2030, though estimates range from $44 billion to $150 billion. By securing Metsera, Pfizer aims to diversify beyond its COVID‑19 and oncology portfolios and tap into this high‑growth segment.
The bidding war underscores the intense competition in the obesity space. Novo Nordisk’s original offer included $62.20 per share upfront and up to $24 per share in CVR, while Pfizer’s matched bid offers $86.20 per share with a similar CVR structure. The escalation reflects both companies’ confidence in Metsera’s technology and the strategic importance of a robust obesity platform.
Pfizer’s Q3 2025 results showed revenue of $16.7 billion, slightly below the $16.8 billion forecast, and an adjusted diluted EPS of $0.87 versus the consensus of $0.66. The earnings beat was driven by disciplined cost management and margin expansion, offset by a decline in COVID‑19 product revenue. Non‑COVID portfolio revenue grew 4% year‑over‑year. Management raised full‑year EPS guidance to $3.00–$3.15 from $2.90–$3.10, signaling confidence in profitability despite revenue pressure.
Dr. Albert Bourla said the company’s belief in the Pfizer‑Metsera combination is “strong and unwavering,” while CFO David Denton highlighted a focus on execution, financial discipline, and confidence in delivering strong results. The acquisition is expected to accelerate the launch of new obesity products, create synergies with Pfizer’s existing research, and enhance long‑term shareholder value.
The transaction will require a significant capital outlay and could impact Pfizer’s balance sheet and cost‑reduction plans. However, the deal positions Pfizer to compete more effectively with Novo Nordisk, potentially capturing a larger share of the obesity market and diversifying its revenue streams. The Federal Trade Commission’s involvement indicates regulatory scrutiny, but the deal’s strategic merits remain clear.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.