Xin Lang Cai Jing·2025-10-30 10:59Core Viewpoint - Novo Nordisk has made a higher cash acquisition offer for the U.S. biotech company Metsera, following Pfizer's previous bid, indicating a competitive landscape in the weight loss drug market [1][2]. Group 1: Acquisition Details - Novo Nordisk has proposed a cash offer of $56.50 per share for Metsera, valuing the company at approximately $60 billion, compared to Pfizer's earlier offer of $47.50 per share, which valued Metsera at around $49 billion [1]. - Both companies have included contingent value rights (CVR) in their offers, which could increase the total acquisition price by several billion dollars if Metsera meets certain clinical and regulatory milestones [1]. - Novo Nordisk is in advanced negotiations with Metsera, with a potential agreement expected soon [1]. Group 2: Market Context - The global weight loss drug market is projected to reach $100 billion by 2030, prompting major pharmaceutical companies to acquire promising biotech firms [3]. - Metsera has several next-generation drug candidates, including the GLP-1 RA drug MET-097i, which has shown a weight reduction of 11.3% in a 12-week Phase II trial with limited side effects [3]. - Another candidate, MET-233i, is a long-acting amylin analog expected to release more clinical data by the end of the year, offering a potentially milder alternative to GLP-1 drugs [3]. Group 3: Competitive Landscape - Novo Nordisk, a pioneer in the GLP-1 drug field, is undergoing internal transformation to regain market leadership amid rising competition from companies like Eli Lilly [3]. - Recent leadership changes at Novo Nordisk, including the resignation of over half of the board members, reflect internal disagreements on the pace of transformation [3]. - The company faces political pressure from U.S. President Trump to lower drug prices, particularly for its diabetes drug Ozempic, which could impact its market position [4].