中国基金报·2025-11-08 08:33Core Viewpoint - Pfizer has reached a revised merger agreement with Metsera, valuing the company at up to $86.25 per share, amidst competition from Novo Nordisk [1][3][4] Group 1: Merger Agreement Details - The revised agreement includes a cash payment of $65.60 per share and a contingent value right (CVR) allowing for an additional payment of up to $20.65 per share [1][3] - The initial offer from Pfizer in September was $47.50 per share, totaling a maximum of $7.3 billion, which has now been significantly increased [9] - Metsera's board unanimously recommends that shareholders approve the revised merger agreement, emphasizing the immediate value it provides [3][4] Group 2: Competitive Landscape - Novo Nordisk entered the bidding war with an initial offer of $8.5 billion, later increasing it to a maximum of $10 billion, which includes both equity and cash components [9][10] - The competition has led to a significant increase in Metsera's stock price, rising from approximately $36 per share in September to $83.18 per share as of November 7 [10] - Pfizer's acquisition aims to strengthen its position in the weight loss drug market, especially after setbacks in its own drug development [9][10] Group 3: Regulatory and Legal Considerations - Metsera's board has expressed concerns about the legal and regulatory risks associated with Novo Nordisk's proposal, citing potential issues with the Federal Trade Commission [3][4] - Pfizer has filed a lawsuit against Metsera and its board, alleging breaches of the merger agreement, although the court has dismissed Pfizer's request [10]