Mergers & Acquisitions - The bidding war between Novo Nordisk and Pfizer for weight loss drug startup Met Sara has ended, with Novo Nordisk stepping aside [1] - Novo Nordisk withdrew its offer due to potential regulatory risks flagged by the FTC regarding the deal structure [1] - Pfizer intends to acquire Met Sara to enter the obesity business [3] Weight Loss Drug Market - The industry anticipates lower costs and greater availability of weight loss drugs in oral form within a year or two [4] Delivery Services - Instacart's futures are up 6-8%, indicating strong demand for grocery and restaurant delivery services [4][5] - Instacart generates approximately 29% of its revenue from non-delivery transactions, including grocery technology, subscriptions, and advertising sales [6] - Instacart introduced an AI-powered assistant for grocers to aid in purchasing decisions [6] Food Industry - Tyson Foods - Tyson Foods' shares decreased by as much as 15% [8] - Tyson Foods anticipates little change in results for the next year [8] - The beef segment is projected to experience an adjusted operating loss of $400 million to $600 million next year [8] - A cattle shortage is driving up prices for Tyson Foods [8] - The U S cattle herd is expected to begin rebuilding next year, but the benefits won't be seen before 2028 [9] - Higher demand for chicken is offsetting losses in the beef segment [9][10]

Core Insights - Terns Pharmaceuticals reported unprecedented Phase 1 efficacy data for TERN-701, indicating a potential best-in-disease profile for chronic myeloid leukemia (CML) treatment [1][2] - The company has a cash position of $295 million, expected to sustain operations into 2028 [1][5] Pipeline Developments - TERN-701 is an investigational allosteric BCR::ABL1 inhibitor for CML, with a major molecular response (MMR) rate of 75% by 24 weeks in the ongoing CARDINAL trial [3][4] - TERN-601, an oral GLP-1 receptor agonist for obesity, showed a maximum placebo-adjusted weight loss of 4.6% but will not proceed further due to adverse events [3][4] Upcoming Milestones - An updated dataset from the CARDINAL trial will be presented at the 67th ASH Annual Meeting on December 8, 2025, with a conference call scheduled for the same day [4][5] Financial Performance - R&D expenses for Q3 2025 were $19.9 million, up from $15.2 million in Q3 2024, while G&A expenses decreased to $7.8 million from $9.8 million [6] - The net loss for Q3 2025 was $24.6 million, compared to $21.9 million in Q3 2024 [7][8] Balance Sheet Highlights - As of September 30, 2025, total assets were $301.7 million, with total liabilities of $17.6 million and stockholders' equity of $284.1 million [10]

Market Focus - The company identifies obesity as a very fast-growing market with significant potential for value creation [1][2] Strategic Acquisition - The company acquired an advanced portfolio in the obesity market after evaluating opportunities in the US, Europe, and China [1] - The acquisition includes a contingent value right for Metser shareholders, linked to achieving specific milestones such as phase three approvals [3] Core Competencies - The company possesses strengths in conducting large, complex studies, particularly in metabolic cardiovascular comorbidities [3] - The company has strong commercial capabilities in promoting relevant medicines [4] - The company has robust manufacturing capabilities, addressing a potential bottleneck [4] Strategic Rationale - The company aims to leverage its capabilities to maximize the value of the acquired portfolio [2] - The company's existing portfolio was not successful, necessitating the acquisition to secure a promising portfolio [4]

A judge denied Pfizer’s request to temporarily block Novo’s $10 billion bid to acquire the obesity startup Metsera, saying the US pharmaceutical company’s objections to the deal don’t warrant a delay https://t.co/MQfqucbmeh ...

Pfizer raised its 2025 profit forecast for the second time this year, as ongoing cost cuts helped make up for slow sales growth that’s driving its battle for the obesity start up Metsera https://t.co/6r3l2S0rNT ...

Pfizer said US regulators have cleared it to proceed with its offer to acquire obesity startup Metsera, upping the pressure on Novo, which is attempting to make a rival bid https://t.co/4BuaCavETR ...

Mergers and Acquisitions - Novo Nordisk made a higher offer for obesity startup Metsera [1] - The aim is to outbid Pfizer's existing agreement with Metsera [1] Market Position - Novo Nordisk seeks to strengthen its position in the weight-loss medication market [1]

Core Insights - A new study indicates that nearly 70 percent of American adults are classified as obese under a revised definition that includes additional anthropometric measures alongside BMI [1][5][6] Definition of Obesity - The traditional definition of obesity was based solely on BMI, but a new definition incorporates body measurements such as waist circumference and waist-to-height ratio [3][4] - An individual is classified as obese if they meet one of three criteria: elevated BMI with at least one elevated anthropometric measure, a BMI greater than 40, or at least two elevated anthropometric measures regardless of BMI [4] Prevalence of Obesity - In a study analyzing 301,026 participants, 42.9 percent were classified as obese under traditional BMI criteria, while 68.6 percent were classified as obese under the new definition [5][6] - The study found that obesity prevalence increases with age, with 25.9 percent of participants previously not classified as obese now reclassified under the new criteria [6][8] Clinical and Preclinical Obesity - The study introduces the concepts of clinical and preclinical obesity, where clinical obesity involves organ dysfunction or physical limitations, while preclinical obesity does not [7][10] - Approximately 36.1 percent of participants were found to have clinical obesity, with a higher proportion among those classified under the new definition [8][10] Health Implications - The new definition identifies individuals at higher long-term risk for diabetes, cardiovascular events, and mortality [11] - The study highlights the limitations of BMI as a sole marker for obesity, emphasizing the importance of body fat distribution [13][14] Obesity Statistics in the U.S. - The CDC reports that obesity is a significant chronic disease in the U.S., affecting one in five children and two in five adults [14][15] - Contributing factors to obesity prevalence include low vegetable consumption and insufficient physical activity among the population [16]

That was the president yesterday in a press conference with Dr. . Oz suggesting that out-of- pocket prices for Ozepic could soon be made lower. Shares of Eli Liy and Nova you can see under some pressure this morning as a result of those comments.Joining us now to break down the moveo healthc care strategist Jared Holes. So Jared, what do you make of those comments. What do they mean for either one of these key drug makers.>> Hey David, how are you. Um I'm not that surprised. I mean, this this seems like, yo ...

Heard on the Street: Pfizer’s latest multibillion-dollar deal shows it isn’t backing down from the obesity fight. The stock offers a cheap ticket into the hottest corner of pharma. https://t.co/tD3iq3NtJh ...