美股IPO·2025-11-06 08:43Core Viewpoint - The ongoing bidding war for Metsera between Pfizer and Novo Nordisk highlights the intense competition in the pharmaceutical industry, particularly in the obesity treatment market, which is projected to exceed $100 billion by the end of the century [2][5][6]. Group 1: Bidding War Dynamics - Pfizer has submitted a new bid for Metsera, matching Novo Nordisk's offer of $86.20 per share, valuing the company at up to $10 billion [2]. - Following Pfizer's updated bid, Metsera's stock price surged by 8% in after-hours trading, exceeding $77 per share [3]. - The bidding process has seen dramatic turns, with Pfizer initially reaching a preliminary agreement with Metsera in September, only for Novo Nordisk to launch a competing offer [7]. Group 2: Market Context and Strategic Importance - The competition for Metsera centers around its promising pipeline of obesity drugs, including a potentially game-changing monthly injection [4]. - Winning Metsera would provide a strategic advantage in a market currently dominated by Novo Nordisk's Ozempic and Eli Lilly's products, emphasizing the importance of innovative treatment options [5][6]. - The ongoing bidding war reflects a broader trend in the global M&A market, which has seen a significant rebound, with total deal value reaching $3.8 trillion this year, a 38% increase year-on-year [10]. Group 3: Legal and Regulatory Challenges - Pfizer has initiated legal action against Novo Nordisk, claiming that its two-step payment structure is "unprecedented and illegal," complicating the bidding process [8]. - The Federal Trade Commission (FTC) has warned both companies that their transaction structure may violate competition laws, adding another layer of complexity to the deal [8].