Pfizer has signed a deal to purchase development-stage obesity drugmaker Metsera, winning a bidding war against Novo Nordisk, the Danish drugmaker behind weight-loss treatments Ozempic and Wegovy.
Metsera, a U.S. firm specializing in obesity treatments, has been the subject of escalating offers from Pfizer and Novo Nordisk.
In a press release, Metsera said Pfizer had made an improved offer to acquire it for up to $86.25 per share, in a deal worth around $10 billion.
Metsera said its board "unanimously recommends that... stockholders approve the adoption of the amended Pfizer merger agreement and approve the merger."
It added that it expected to close the deal "promptly" after a shareholder meeting on Nov. 13.
Pfizer's latest offer would double its valuation compared to an initial deal the companies struck in September, which triggered a counteroffer from Novo Nordisk that spiraled into a price war.
The Danish firm said on Nov. 8that it "does not intend to make an increased offer to acquire Metsera."
The Novo Nordisk sale had drawn scrutiny over potential antitrust implications.
Metsera said the U.S. Federal Trade Commission had called it to discuss "potential risks from proceeding with the proposed Novo Nordisk structure under U.S. antitrust laws."
The call strengthened the board's conclusion that the Novo Nordisk deal "presents unacceptably high legal and regulatory risks... compared to the proposed merger with Pfizer."
The World Health Organization says more than one billion people worldwide lived with obesity, and more than 800 million lived with diabetes as of 2022.
