MW Pfizer won its fight to buy an obesity-drug maker. It took an extra $1.7 billion and a phone call.

By Tomi Kilgore

Pfizer is buying its way back into the obesity-drug game after fighting off a rival bid from Novo Nordisk to buy Metsera, with more money and help from the Trump administration

Pfizer won its fight to buy obesity-drug maker Metsera, with an extra $1.7 billion and a little help from the Trump administration.

Pfizer Inc. pulled off a comeback win, beating out Danish drug giant Novo Nordisk to acquire obesity drug developer Metsera Inc. in a deal that values the biotechnology company at up to $9.1 billion.

Pfizer $(PFE)$ wanted it more, as its attempts to develop its own weight-loss drugs failed, and Novo Nordisk (NVO) already has Ozempic and Wegovy. So after first refusing to budge on its original deal, even reportedly going as far as suing the other players, Pfizer kicked in $1.7 billion more to win.

It also got a little help from the Trump administration.

Under the terms of the new deal, Pfizer will pay $65.60 in cash upfront for each Metsera share (MTSR) outstanding. It will also pay up to $20.65 a share in cash if certain development and regulatory milestones are met.

Given that Metsera has 105.06 million shares outstanding, the total per-share bid of up to $86.25 would value Metsera at $9.06 billion, or about $1.71 billion than the original total bid of up to $70 a share.

Over the weekend, Metsera said it determined that Pfizer's amended bid was better than the latest one from Novo Nordisk.

"In addition, in light of recent circumstances, including the receipt by Metsera of a call from the U.S. Federal Trade Commission regarding potential risks from proceeding with the proposed Novo Nordisk structure under U.S. antitrust laws," Metsera said, adding the Novo Nordisk deal presents "unacceptably high legal and regulatory risks," including a risk that a special dividend it planned to pay to shareholders may be blocked.

Novo Nordisk said on Saturday that it would not increase its latest bid.

Wall Street seemed happy for Pfizer. J.P. Morgan analyst Christopher Schott said that, despite the higher deal price, investors would receive the news well, given Pfizer's need to broaden its drug pipeline and its dedication to becoming a player in obesity treatments.

Shares of Pfizer rose 0.6% in premarket trading on Monday, while Novo Nordisk's U.S.-listed shares rose 1.4%. On the other hand, Metsera shareholders liked the idea of a bidding war, as the stock sank 15.6% ahead of Monday's open.

Pfizer's stock has been struggling to keep up, as demand for its breakthrough COVID vaccine and treatment keeps falling - so it needed to get into the obesity game or risk falling even further behind. Over the past 12 months through Friday, the stock has lost 8.6% while shares of Eli Lilly and Co. $(LLY)$, which has the obesity drugs Mounjaro and Zepbound, have rallied 11.2%.

-Tomi Kilgore

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November 10, 2025 08:05 ET (13:05 GMT)

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