In a significant development in the pharmaceutical industry, Pfizer has successfully secured a deal to acquire obesity drug startup Metsera for over $10 billion, prevailing over its rival Novo Nordisk. The deal, which was finalized on November 8, highlights the intense competition in the burgeoning obesity treatment market, valued at $720 billion globally.
The acquisition agreement stipulates that Pfizer will pay $86.25 per share to Metsera, with $65.60 in cash and a Contingent Value Right (CVR) of $20.65, which allows for additional payments contingent on achieving specific milestones. This strategic acquisition will enable Pfizer to leverage its clinical, manufacturing, and commercial expertise to accelerate the development of Metsera's innovative therapies.
Metsera, a promising startup in the field of obesity and diabetes treatment, currently has no products on the market. However, its potential has attracted significant attention, leading to a bidding war between Pfizer and Novo Nordisk. The initial offer by Pfizer in September was approximately $4.9 billion, but it rapidly escalated to more than double that amount within two months.
Novo Nordisk, known for its popular diabetes and obesity treatments Wegovy and Ozempic, withdrew from the acquisition race, citing concerns over financial health, shareholder value, and potential antitrust issues raised by the U.S. Federal Trade Commission (FTC). The FTC had already granted approval to Pfizer for the Metsera acquisition, providing a decisive edge in the competition.
Despite losing out on Metsera, Novo Nordisk is expected to continue its pursuit of strategic acquisitions to maintain its influence in the expanding obesity drug sector. The Wall Street Journal remarked on the fierce competition, underscoring the global market's lucrative potential.
As Pfizer moves to finalize the transaction pending approval at Metsera's shareholder meeting on November 13, the acquisition is poised to bolster Pfizer's position in the obesity treatment market and enhance its portfolio with novel therapeutic options.
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