Pfizer Completes $10 Billion Acquisition of Obesity Drugmaker Metsera
Pfizer acquired Metsera for up to $10 billion after winning a bidding war with Novo Nordisk and overcoming regulatory and legal hurdles.
Pfizer Inc. completed the acquisition of Metsera Inc. on November 13, 2025, in a deal valued at up to $10 billion. The transaction provides Pfizer with a strategic entry into the high-growth obesity and metabolic health market, specifically through Metsera's development of oral and injectable GLP-1 inhibitors, including a once-monthly injection.
The acquisition followed a volatile bidding war with Danish pharmaceutical company Novo Nordisk. Pfizer initially agreed to a $7.3 billion deal in September, which was countered by a $9 billion unsolicited bid from Novo Nordisk. Pfizer responded by increasing its offer and filing antitrust lawsuits in the U.S. District Court for the District of Delaware, alleging Novo Nordisk attempted to obstruct the deal to maintain market dominance.
Metsera's board ultimately selected Pfizer's final offer of $86.25 per share—consisting of $65.60 in cash and a contingent value right of up to $20.65—citing the certainty of closing. The board rejected Novo Nordisk's proposal due to unacceptably high legal and regulatory risks after the Federal Trade Commission warned that a deal with the Danish firm could violate antitrust laws. Novo Nordisk officially withdrew from the competition on November 8, citing financial discipline.
Pfizer CEO Albert Bourla characterized the move as a critical effort to rebuild the company's portfolio and offset declining COVID-19 product revenues and upcoming patent expirations for drugs like Ibrance and Eliquis. While Bourla acknowledged the risk of overpaying, he stated the acquisition positions Pfizer to define one of the most impactful therapeutic areas.
