Novo Nordisk Challenges Pfizer with $6.5B Bid

Novo Nordisk submitted an unsolicited, two-step offer for Metsera proposing $56.50 per share in cash up front, contingent value rights worth up to $21.25 per share, and (per earlier reports) the acquisition of non-voting preferred stock representing 50% of the company — valuing Metsera as much as $77.75 a share (roughly $9 billion) or about $6.5 billion up front plus up to $2.5 billion in milestones. The bid directly challenges Pfizer’s recent agreement to buy Metsera for $47.50 per share, with some estimates of Pfizer’s deal putting potential upside at roughly $7.3 billion. Metsera’s board called Novo’s approach a “superior company proposal,” and Metsera shares jumped about 24% to record highs while other obesity-focused stocks rose; Novo’s stock dipped and Pfizer’s was little changed. Pfizer denounced Novo’s proposal as “reckless and unprecedented,” alleging it could circumvent regulators and suppress competition and saying it may pursue legal remedies and that the offer cannot qualify as a superior proposal under its agreement. The contest highlights intense competition for obesity and GLP‑1 assets amid pricing and regulatory pressures, and the outcome will depend on shareholder votes, regulatory review and possible litigation.