Pfizer Inc. CEO Albert Bourla had long sought an obesity drug to offset declining sales of the company's aging blockbuster medications. Late Friday evening, after a fierce bidding war, he finally claimed his prize.
Sources revealed that around 9 p.m., Bourla learned that Metsera Inc., a three-year-old biotech startup specializing in next-generation weight-loss drugs, had unanimously accepted Pfizer’s $10 billion acquisition offer.
The high-stakes Wall Street showdown pitted Pfizer against Danish pharmaceutical giant Novo Nordisk A/S, with the outcome potentially reshaping the global drug industry for years.
The battle for Metsera even drew White House involvement. Last week, Novo Nordisk CEO Mike Doustdar publicly challenged Pfizer to raise its bid during an appearance with former President Donald Trump. "We told Pfizer: if you want this company, dig deeper," Doustdar said Thursday.
Pfizer responded swiftly, submitting a revised offer matching Novo Nordisk’s improved bid. Insiders said Pfizer anticipated a weekend-long bidding war, but by 9:32 p.m., Metsera announced Pfizer’s victory.
Metsera’s statement highlighted U.S. regulatory considerations as pivotal to its decision. Sources noted the Federal Trade Commission (FTC) warned Metsera that a deal with Novo Nordisk might face rejection—shortly after, Pfizer’s winning bid emerged.
Novo Nordisk withdrew Saturday morning. "I accept this outcome," Doustdar told Bloomberg. "Better no deal than a bad one. This loss will make us stronger."
For Pfizer, the acquisition marks a critical turnaround opportunity. Its shares have plunged ~60% since late 2021’s pandemic peak, while Novo Nordisk—trailing Eli Lilly & Co. in the GLP-1 drug race—has seen its stock drop ~70% from its 2023 high.
Monday’s trading reflected market skepticism: Metsera’s shares tumbled 16% pre-market, while Pfizer and Novo Nordisk saw modest gains.
The bidding war underscores Big Pharma’s desperation for new blockbusters in obesity—a market projected to hit $100 billion by 2030—and the pressure on leaders to defend dominance. Despite Metsera’s promising pipeline, regulatory and competitive hurdles remain.
"Today’s market is a feeding frenzy," said Indiana University’s Richard DiMarchi, whose research underpins drugs like Lilly’s Zepbound. "The economic pull is irresistible."
**September Stalemate** Pfizer initially believed it had secured Metsera in September, offering up to $70/share to outbid six rivals. But Doustdar was blindsided when Pfizer swooped in overnight.
The tables turned October 30: Novo Nordisk blindsided Bourla with a $9 billion bid (later raised to $10 billion). BMO’s Evan Seigerman noted that losing a "done deal" would embarrass Bourla: "Losing right after announcing isn’t a good look."
Pfizer counterattacked on multiple fronts—lobbying Trump officials, filing antitrust suits, and seeking injunctions. Though courts denied the latter, the FTC later echoed Pfizer’s concerns about Novo Nordisk’s bid structure.
**Pipeline Pressures** Bourla’s earlier deals, including the $43 billion Seagen acquisition, haven’t yielded enough blockbusters. Analysts project flat-to-declining Pfizer sales until at least 2031.
Metsera’s assets—like longer-acting GLP-1 shots and amylin analogs—could differentiate Pfizer in a crowded field. BMO estimates Pfizer needs $3-4 billion/year from Metsera’s drugs to justify the deal.
Despite the loss, Novo Nordisk vowed to keep investing in next-gen therapies. "This wasn’t a failure," Doustdar said. "Pfizer’s board heard me at the White House—they paid up and won fair."