Novo Nordisk Returns with a Higher Offer for Metsera

Metsera (MTSR) shares jumped nearly 19% premarket after Bloomberg reported that Novo Nordisk (NVO) has made an improved offer to acquire the obesity-drug startup, seeking to outbid Pfizer (PFE) and strengthen its position in the rapidly expanding weight-loss treatment market.

Novo had previously made an offer before Metsera’s $4.9 billion deal with Pfizer in September.
The new proposal reportedly includes better value and structure, and both companies are in advanced discussions, though no final agreement has been reached yet.
A potential deal could be announced as soon as Thursday, according to sources familiar with the matter.

Pfizer’s Position Weakens

Pfizer’s earlier deal included $47.50 per share upfront and up to $22.50 per share in milestone payments.
A successful bid by Novo Nordisk would represent a setback for Pfizer, which is contending with slowing Covid vaccine revenues and looming patent expirations, as well as challenges following the failure of its own obesity pill due to safety concerns.

Competitive Pressure in Obesity Treatments

Novo Nordisk, despite being the market leader with Wegovy, faces pressure to innovate following weaker-than-expected results for its CagriSema candidate.
The company is pushing to stay ahead of Eli Lilly (LLY), whose Zepbound continues to gain traction.

Metsera’s Market Value and Pipeline

Metsera’s shares have nearly tripled in 2025, now trading around $52.21, valuing the company at about $5.5 billion.
The biotech is developing next-generation obesity therapies, including a long-acting amylin analogue that could require less frequent dosing compared to current GLP-1 drugs.
Amylin-based therapies are viewed as gentler alternatives to GLP-1 treatments like Wegovy and Zepbound, which can cause nausea and vomiting in some patients.

Market Reaction

MTSR: +19% premarket to $52.21
PFE: Flat
NVO: -1.5% in Copenhagen trading
Investors are watching whether Novo’s move sparks a bidding war and further consolidation in the high-growth obesity and metabolic health sector.