Pfizer clinches deal for obesity drug developer Metsea after a bidding war with Novo Nordisk

Pfizer has signed a woody to acquisition Metsera Inc., an obesity drugmaker successful the improvement stage, aft winning a bidding warfare against Novo Nordisk

NEW YORK -- U.S. pharmaceutical elephantine Pfizer signed a woody to acquisition development-stage obesity drugmaker Metsera Inc., winning a bidding warfare against Novo Nordisk, the Danish drugmaker down weight-loss treatments Ozempic and Wegovy.

Metsera, based successful New York, has nary products connected the market, but it is processing oral and injectable treatments. That includes immoderate imaginable treatments that could people lucrative fields for obesity and diabetes.

The woody comes arsenic Pfizer is attempting to make its ain involvement successful that market, respective months aft ending development of a imaginable pill attraction for obesity.

In a connection issued Friday, Metsera said Pfizer volition get the institution for up to $86.25 per share, consisting of $65.60 per stock successful currency and a contingent worth close entitling holders to further payments of up to $20.65 per stock successful cash.

Metsera cited U.S. antitrust risks successful Novo’s bid, saying successful its connection that the committee has determined Pfizer’s revised presumption correspond “the champion transaction for shareholders, some from the position of worth and certainty of closing.”

The woody comes 3 days aft Novo Nordisk raised the stakes successful its push to outbid Pfizer, saying Tuesday it would connection to wage arsenic overmuch arsenic $10 cardinal for Metsera. That was higher than its erstwhile bid of up to $9 billion which sparked a lawsuit from Pfizer.

Pfizer had besides altered the connection it made successful September of astir $4.9 cardinal to supply much currency up front, Metsera had said.

New York-based Pfizer said successful an email that it was blessed with the presumption of the deal, and expects to adjacent the transaction soon pursuing the Metsera shareholder gathering connected Nov. 13.

Novo Nordisk said Saturday it would not summation its offer and would permission the contention to get Metsera.

Novo's projected woody had progressive paying $62.20 successful currency for each Metsera share, up from its erstwhile bid of $56.50. The Danish drugmaker planned to tack connected a contingent worth close outgo of $24, different betterment from its erstwhile bid, if definite improvement and regulatory milestones were met.

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