Bei Jing Shang Bao·2025-11-06 16:26Core Viewpoint - The acquisition battle for Metsera between Pfizer and Novo Nordisk has intensified, with Pfizer raising its bid to match Novo Nordisk's offer of $86.2 per share, totaling up to $10 billion, which has positively impacted Metsera's stock price [1][2]. Group 1: Acquisition Details - Pfizer initially reached a preliminary agreement with Metsera in September but faced competition from Novo Nordisk, which made a non-binding offer that prompted Pfizer to increase its bid [1]. - Both companies have now submitted offers of $86.2 per share, with Novo Nordisk's proposal including a $62.2 upfront payment and $24 in milestone payments [1]. - The shareholder vote for the acquisition is scheduled for November 13 [1]. Group 2: Legal and Regulatory Aspects - Pfizer has sought a temporary injunction to prevent Metsera from accepting Novo Nordisk's offer, claiming that Novo Nordisk's bid is a strategic move to protect its market share rather than a genuine acquisition effort [2]. - A local court rejected Pfizer's request, but the company plans to continue its legal actions and antitrust litigation [2]. Group 3: Market Context and Competition - The acquisition is significant due to Metsera's promising weight loss drug pipeline, which could generate annual revenues of $5 billion [2]. - Novo Nordisk's market dominance in weight loss drugs is under threat, especially with the expiration of its key product's patent in China by 2026, leading to increased competition from generics [3]. - Pfizer's entry into the weight loss drug market through Metsera is seen as a strategic necessity, given the substantial market potential [3]. Group 4: Broader M&A Trends - The competition for Metsera reflects a broader resurgence in the global M&A market, with total transaction value reaching $3.8 trillion this year, a 38% increase year-over-year [4].