①Novo Nordisk,　　the Danish pharmaceutical giant① Novo Nordisk made an all-cash offer of $56.50 per share to acquire the U.S. biopharmaceutical company Metsera, valuing the company at approximately $6 billion; ② A successful acquisition of Metsera by Novo Nordisk would solidify its position in the weight-loss drug market.Market leadership, and potentially impacting PfizerThis constitutes a major blow.

　　Danish pharmaceutical giant Novo Nordisk said on Thursday that it has made a takeover offer for U.S. biopharmaceutical company Metsera, following Pfizer's offer last week.

　　In early trading on the US stock market, Metsera's stock price surged more than 21%. As of press time, Metsera's stock price has risen 250% year-to-date to $63.445, with a market capitalization of approximately $6.67 billion.

　　Novo Nordisk claims it has made an all-cash offer of $56.50 per share, valuing the company at approximately $6 billion; while Pfizer previously offered $47.50 per share in cash, valuing the company at approximately $4.9 billion.

　　In addition, both Novo Nordisk and Metera have provided contingent value warrants (CVRs), which could increase the total acquisition price by billions of dollars if the latter achieves its set goals in clinical and regulatory approvals.

　　According to sources familiar with the matter, Novo Nordisk has made a higher offer to acquire weight loss drug startup Metsera, aiming to snatch the deal already agreed by Pfizer and further solidify its leading position in the weight loss drug market.

　　It is understood that Novo Nordisk had submitted an initial acquisition proposal before Metera signed an agreement with Pfizer. Now, the company has restarted its offer, improving both the price and the transaction structure. Novo Nordisk and Metera are currently in advanced negotiations and a final agreement is expected as early as Thursday.

　　In September, Pfizer announced that it had agreed to acquire Metera for $47.50 per share in cash, representing an enterprise value of approximately $4.9 billion. If certain research and development targets are met, Pfizer will pay an additional $22.50 per share, bringing the total transaction value to $7.3 billion.

　　Competition in the weight loss drug market

　　The global weight-loss drug market is projected to reach $100 billion by 2030, a prospect that has prompted large pharmaceutical companies to acquire small biotech companies with promising molecules.

　　Metsera has several next-generation drug candidates, with the most advanced in its pipeline being the GLP-1 RA drug MET-097i, which has entered Phase IIb trials. In a 12-week Phase II trial, participants experienced an 11.3% weight loss with limited side effects.

　　Metsera's pipeline also includes MET-233i, a long-acting amylin analogue, with more clinical data expected to be released before the end of the year. Amylin analogues are considered a milder alternative to GLP-1 inhibitors (such as Wegovy and Zepbound) due to their fewer side effects.

　　As a pioneer in GLP-1 drugs, Novo Nordisk is undergoing an internal transformation in an attempt to regain market dominance. The weight-loss drug craze once propelled the company's market capitalization to new heights, making it the most valuable company in Europe, but Eli Lilly subsequently...The rise of competitors has put pressure on the stock price.

　　In early October of this year, more than half of Novo Nordisk's board members (including Chairman Helge Lund) resigned due to disagreements over the pace of company change. Former CEO and current largest shareholder Lars Rebien Srensen has been reinstated as chairman.

　　In addition, Novo Nordisk faces political pressure from US President Trump to lower drug prices. Trump recently announced plans to reduce the price of his star diabetes drug, Ozempic, to $150 per month.

　　If Novo Nordisk and Nordic successfully acquire Metera, it will be a major blow to Pfizer. Pfizer has been trying to rebuild its growth engine since the pandemic, but the demand for COVID-19 vaccines has plummeted, and the patents of many of the company's core drugs are nearing expiration.

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