Di Yi Cai Jing·2025-11-01 09:05Core Viewpoint - The ongoing bidding war between Pfizer and Novo Nordisk for the acquisition of Metsera highlights the escalating valuation of weight loss therapy assets, with Pfizer's offer increasing from $30 to a peak of $70 per share, while Novo Nordisk's latest bid reaches $8.5 billion, significantly higher than Pfizer's previous offers [1][2]. Group 1: Acquisition Details - Pfizer filed a lawsuit against Metsera for allegedly breaching the merger agreement, seeking a temporary restraining order to prevent Metsera from terminating the deal [1]. - Novo Nordisk's acquisition proposal includes a complex equity structure that Metsera's board deemed too risky, despite Pfizer receiving early antitrust approval for its $7.3 billion acquisition [2]. - The competitive bidding process reflects a broader trend in the weight loss therapy market, with analysts projecting Metsera's potential therapies could generate approximately $5 billion in annual sales [2]. Group 2: Market Dynamics - The competition between Pfizer and Novo Nordisk is expected to significantly impact the global weight loss drug market, which is projected to reach $150 billion by 2030, indicating opportunities for new entrants beyond current leaders [2][4]. - Metsera's key assets include a GLP-1 receptor agonist in phase 2 development and a long-acting insulin analog in phase 1, which could offer differentiated advantages if successful [3]. - The entry of Pfizer and other new players is likely to shift the market from a "duopoly" dominated by Novo Nordisk and Eli Lilly to a more competitive landscape with multiple participants [4].