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Pfizer and Novo Nordisk are locked in a high-stakes battle to acquire US obesity drug developer Metsera, sending shockwaves through the pharmaceutical industry.

The two giants have submitted competing bids, with Metsera calling Novo's $10 billion offer "superior."

The bidding war began last week when Novo Nordisk unexpectedly launched a bid for Metsera, despite the biotech's prior agreement to be acquired by Pfizer.

The move has sparked lawsuits and legal tension, as Pfizer tries to block the deal and Novo aims to regain its leadership in obesity treatments.

According to Reuters, Pfizer recently raised its offer to $8.1 billion from $7.3 billion and filed two lawsuits against Metsera, its board, and Novo Nordisk.

One lawsuit alleges Novo's bid breaches Pfizer's merger agreement, while another claims the deal could harm competition in GLP-1 drug markets.

A Delaware judge reviewed the case but decided no immediate court intervention was needed, though another hearing is scheduled.

For Pfizer, acquiring Metsera represents a key move to strengthen its position in the obesity treatment market, projected to reach $150 billion annually by the early 2030s.

Novo Nordisk Outbids Pfizer with $8.5B Offer for Metsera

CEO Albert Bourla criticized Novo's offer, calling it "the epitome of antitrust conflict," a claim Novo denies.

The Danish company faces competition from Eli Lilly, whose Zepbound has recently outperformed Novo's Wegovy.

Novo Nordisk's bid includes $8.5 billion, with $6 billion upfront and additional milestone payments, while Pfizer's bid, including milestones, is valued at $7.3 billion.

Metsera stated that Novo's offer could reach up to $77.75 per share, totaling roughly $9 billion, CNBC reported. Pfizer described the bid as "reckless" and warned it posed regulatory and execution risks.

The bidding war reflects broader industry trends, as large pharmaceutical companies compete to expand obesity and diabetes pipelines.

Novo's new CEO, Mike Doustdar, has pledged to build next-generation treatments, particularly as key patents like semaglutide, the active ingredient in Wegovy and Ozempic, approach expiration.

Analysts say the acquisition could strengthen Novo's market position if Metsera's experimental drugs succeed.

Metsera, which went public this year with a $5.5 billion market cap, has seen its shares nearly double since January, now trading above $52 per share.

Its portfolio includes MET-097i, a GLP-1 injectable, and MET-233i, which mimics the pancreatic hormone amylin.

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Pfizer, Novo Nordisk