Pfizer and Novo Nordisk Intensify Bidding War for Obesity Drug Developer Metsera
The high-stakes battle between Pfizer and Novo Nordisk for obesity drug maker Metsera escalated on Tuesday as both pharmaceutical giants increased their bids. Metsera announced that Novo Nordisk’s $10 billion offer is currently the superior proposal.
The bidding war began last week when Novo unexpectedly made an offer for Metsera, which had already agreed to be acquired by Pfizer. What started as a business move has now evolved into a heated legal dispute as Novo attempts to reclaim its dominance in the obesity drug market, while Pfizer aims to recover from past missteps in the same sector.
Pfizer raised its bid to $8.1 billion, up from $7.3 billion, and has filed two lawsuits against Metsera, its board, and Novo Nordisk. The company seeks to prevent Novo’s acquisition efforts. A Delaware court judge said on Tuesday she did not see the need for judicial intervention at this stage but set another hearing for Wednesday to review the case further.
Pfizer’s Strategy Amid Declining Sales
For Pfizer, acquiring Metsera represents a renewed push into the fast-growing obesity treatment industry, projected to reach $150 billion annually by the early 2030s. Despite raising its 2025 profit forecast on Tuesday, Pfizer continues to face challenges from declining COVID-19 product sales and looming patent expirations on key drugs.
CEO Albert Bourla criticized Novo’s bid as “the epitome of antitrust conflict,” a claim Novo Nordisk has strongly denied. Novo is currently struggling to maintain market share against Eli Lilly’s Zepbound, which has overtaken its blockbuster drug Wegovy. Novo launched its unsolicited bid for Metsera on October 30, following Metsera’s September agreement with Pfizer.
Legal Fight Intensifies Over Merger
Pfizer’s first lawsuit, filed Friday, alleges Novo’s bid violates its existing merger agreement with Metsera. However, Metsera argued in a letter Tuesday that the court should not interfere with the process, emphasizing that competitive bids show the auction should proceed. Pfizer now has until Wednesday evening to match Novo’s new $10 billion proposal.
A second lawsuit claims that Novo’s acquisition would reduce competition in the GLP-1 drug market and could violate U.S. antitrust laws. Novo Nordisk has insisted it complied fully with the terms of the Pfizer merger agreement.
On the market, Pfizer shares rose 1%, while Metsera’s stock surged 15% following the announcement.
Pfizer Posts Strong Quarterly Results
Pfizer also released better-than-expected quarterly earnings, reporting adjusted Q3 earnings of $0.87 per share, beating analyst expectations by $0.24. The company lifted its full-year profit forecast to $3.00–$3.15 per share, up from $2.90–$3.10.
Total quarterly revenue fell 6% to $16.65 billion, but still exceeded analyst estimates. Sales of Paxlovid dropped 55%, and Comirnaty—its COVID-19 vaccine developed with BioNTech—fell 20%, due to declining infection rates and fewer vaccination recommendations.
Pfizer recently became the first major drugmaker to reach a deal with the Trump administration, agreeing to lower prescription drug prices in Medicaid in exchange for three years of tariff relief.
