US pharma giant Pfizer won a bidding war to acquire obesity drug developer Metsera, beating back an offer from Danish rival Novo Nordisk.
The $10 billion deal — a valuation much higher than Pfizer had originally offered — followed a corporate tiff in which Novo Nordisk tried to hijack Pfizer’s purchase of the American startup, prompting Pfizer to sue. Metsera said Novo’s offer posed antitrust regulatory risks.
The deal marks a win for Pfizer in its efforts to catch up with Eli Lilly and Novo, which makes Ozempic, in the obesity drug market; Pfizer has seen a rapid decline in its COVID-19 business due to lower demand for vaccines and antiviral drugs.