Novo Nordisk Launches Rival $56.50 Bid for Metsera

Novo Nordisk launched an unsolicited rival bid for U.S. obesity biotech Metsera, offering $56.50 per share in cash (about $6.5 billion) plus contingent value rights that lift total potential consideration to roughly $8.5–9 billion. The offer directly challenges Pfizer’s existing agreement to buy Metsera — valued at about $4.9 billion upfront and rising to roughly $7.3 billion with milestones. Metsera called Novo’s proposal a “superior company proposal” and gave Pfizer four business days to respond. Pfizer says the bid breaches its agreement, denounced the move as “reckless,” and is preparing legal and possible antitrust action. The contest centers on Metsera’s GLP‑1 pipeline, including once‑monthly injectable and oral candidates, and spurred market moves: Metsera shares jumped about 24%, other obesity stocks rose, and Novo’s shares dipped. The outcome is likely to hinge on shareholder votes, regulatory review and potential litigation.