Analysis-Novo Nordisk changes tack with bold raid on Pfizer obesity deal

Core Viewpoint - Novo Nordisk's aggressive bid for Metsera, valued at approximately $9 billion, signifies a strategic shift to reclaim its position in the weight-loss drug market, particularly against Pfizer's prior takeover attempt [1][2]. Group 1: Company Strategy - The bid for Metsera comes after Novo Nordisk's top shareholder took control of the board, urging the company to adopt a more aggressive approach in the competitive weight-loss drug market [2]. - Novo Nordisk has lost market share in the $150 billion weight-loss drug sector to Eli Lilly, whose products have clinical advantages over Novo's offerings [3]. - Under new CEO Mike Doustdar and incoming board chairman Lars Rebien Sorensen, the company aims to regain its competitive edge and respond to market pressures from other companies and generic drugs [4][5]. Group 2: Market Context - The competition in the weight-loss drug market is intensifying, with Eli Lilly's Zepbound and Mounjaro posing significant challenges to Novo's Wegovy and Ozempic [3]. - The bid for Metsera is seen as a necessary move to strengthen Novo's pipeline of obesity treatments, despite the fact that these treatments may take years to reach the market [6]. - Analysts suggest that Novo's bold move indicates a recognition of previous leadership's timidity and a response to concerns about the company's internal pipeline weaknesses [7].