Novo Nordisk again raises bid in takeover fight for Metsera
Danish company is battling with Pfizer for US biotech as they seek edge in growing market for weight-loss drugs
Novo Nordisk has once again sweetened its bid for obesity biotech Metsera, as the Danish drugmaker tries to top Pfizer’s latest offer in a dramatic bidding war.
The company raised its bid after Pfizer matched Novo’s most recent offer late on Wednesday, valuing the company at up to $10bn, according to people familiar with the deal. The value of the new offer could not immediately be established.
The two big pharma companies are battling it out over the US biotech, as they seek to improve their position in the growing market for weight-loss drugs by adding Metsera’s long-acting injectable and obesity pill.
Spokespeople for Novo, Pfizer and Metsera did not immediately respond to requests for comment.
Pfizer had agreed a deal with Metsera in September but Novo reopened the bidding with an unsolicited offer last week, which the biotech declared superior.
Novo’s newest bid, sent on Thursday, deploys the same two-step structure that has drawn legal challenges from Pfizer and a warning from the Federal Trade Commission that it “may violate” antitrust rules.
The US drugmaker has claimed Novo’s unusual deal structure is illegal. The two-step process is designed to ensure Metsera’s shareholders receive the majority of their payout before the acquisition is put before regulators. Novo has said it is confident the deal will survive regulatory scrutiny.
After Novo’s latest bid, Pfizer now has two days to match the offer or walk away.