Zhi Tong Cai Jing·2025-11-04 15:44Core Viewpoint - Metsera's stock price surged over 15% to $70.42 amid intensified bidding from Pfizer and Novo Nordisk for the company, with Novo Nordisk's latest offer deemed more favorable by Metsera's board [1] Group 1: Acquisition Bids - Novo Nordisk raised its acquisition proposal to a total value of $86.20 per share, comprising $62.20 in cash and up to $24 in contingent value rights, contingent on achieving specific commercialization or regulatory milestones [1] - Pfizer's updated bid is approximately $70 per share, totaling around $8.1 billion, which is significantly lower than Novo Nordisk's offer and categorized as a "less favorable bid" [1] Group 2: Market Context - The bidding war centers on Metsera's core asset, a late-stage candidate for weight loss and metabolic diseases, seen as a potential "next-generation blockbuster" following Wegovy and Zepbound [1] - The global obesity treatment market is rapidly expanding, with Morgan Stanley estimating that the market for weight loss drugs could exceed $100 billion by 2030 [1] Group 3: Industry Dynamics - The competition between Pfizer and Novo Nordisk highlights the pressures large pharmaceutical companies face from patent expirations and the need to replenish their product pipelines [2] - There is a possibility that Pfizer may withdraw from the bidding if it fails to submit a higher offer within the stipulated timeframe [2] Group 4: Market Monitoring - The market will closely watch whether Pfizer increases its bid within the next 48 hours and the final decision of Metsera's board regarding the acquisition [3]