The logo of Danish pharmaceutical company Novo Nordisk, maker of the blockbuster diabetes and weight loss treatments Ozempic and Wigovy, is seen outside the building during the presentation of its annual report at Novo Nordisk in Bagsvaard, Denmark, February 5, 2025.
Mads Klaus Rasmussen | AFP | Getty Images
Mezzala said on tuesday novo nordisk‘s new bid for obesity biotech is ‘better’ than amended proposal from pfizerA fierce battle over startups between two major pharmaceutical companies is intensifying.
Novo Nordisk’s new proposal values Metsala at up to $86.20 per share, or about $10 billion. Metsala said in a release that this represents a premium of approximately 159% over the closing price on Sept. 19, the last trading day before Pfizer announced its proposed acquisition of the company.
Meanwhile, Pfizer’s new proposal values Metsala at up to $70 per share, or about $8.1 billion.
Under the terms of Pfizer’s original deal to acquire Metsala, the drugmaker had two business days to negotiate adjustments to its offer. If Metsala’s board of directors determines that Novo Nordisk’s offer is still superior to Pfizer’s offer after that period, Metsala will have the right to terminate the existing merger agreement, according to the release.
“We believe Novo Nordisk’s proposal is illusory and not a good proposal under the terms of the merger agreement with Metsala, because it violates antitrust laws and there is a high risk that it will never be completed,” Pfizer CEO Albert Bourla said on Tuesday’s third-quarter earnings call.
Novo Nordisk confirmed the new bid in a statement on Tuesday, saying it would maximize the potential of Metsala’s complementary medicines portfolio. Novo Nordisk reiterated that the proposal complies with all applicable laws and is “in the best interests of patients and Metsala’s shareholders, who will benefit from our innovation efforts.”
The new bid comes a day after Pfizer filed a second lawsuit against Novo Nordisk and Metsala, alleging that the Danish drugmaker’s attempts to outbid Pfizer in acquiring the biotech company were anticompetitive.
The clash reflects the changing landscape for blockbuster weight-loss and diabetes drugs, with veteran Novo Nordisk lagging behind rival Eli Lilly as other companies such as Pfizer compete to enter.
Founded in 2022, Metsala offers a pipeline of oral and injectable treatments targeting different targets, including drugs that target GLP-1 and drugs that target another gut hormone called amylin. Both are being studied as potential once-monthly treatments, which would require less frequent dosing than the weekly injections available on the market.
For Pfizer, the Metsala pipeline could be a golden ticket to enter the field, as the company has struggled in recent years to bring its own obesity drugs to market. Novo Nordisk helped establish the market, but it is losing market share. Eli Lilly It is struggling to impress investors with its drug pipeline amid cheap counterfeits.
Pfizer announced in September that it would acquire Metsala for $4.9 billion, or up to $7.3 billion including future payments.
But Novo Nordisk launched a takeover offer Thursday valuing the biotech at about $6 billion, or up to $9 billion, giving Pfizer a four-business-day deadline to renegotiate the deal.
