Denmark’s Novo Nordisk has initiated a competitive bid for the U.S. obesity biotech firm Metsera, escalating the ongoing bidding war with Pfizer. This move, announced on October 30, 2025, represents a strategic effort by Novo Nordisk in the lucrative obesity drug market, which may reach an estimated $150 billion by the early 2030s.
Details of the Bidding War
Novo Nordisk’s proposal values Metsera at approximately $8.5 billion, which comprises $6 billion in upfront costs, supplemented by milestone payments. In contrast, Pfizer’s previous offer was approximately $7.3 billion, also including contingencies based on achieving certain clinical and regulatory milestones.
Market Context
- The global obesity drug market is on track to be worth $150 billion.
- Both companies have recognized the significance of the obesity treatment sector.
- Rapid adoption of GLP-1 therapies by key players like Novo Nordisk and Eli Lilly is driving market growth.
Following recent shifts in its internal leadership, Novo Nordisk’s aggressive bid aims to leverage Metsera’s portfolio, which includes innovative obesity treatments. Analysts project that Metsera’s pipeline could generate over $5 billion in combined peak sales.
Metsera’s Pipeline
Metsera’s key developments include:
- MET-097i: A GLP-1 injectable treatment.
- MET-233i: A drug that mimics the pancreatic hormone amylin.
Since the beginning of 2025, Metsera’s stock has surged nearly 100%, climbing from $26.50 to $52.21 per share as of October 29.
Reactions to the Bidding
Pfizer has critiqued Novo Nordisk’s bid, deeming it “reckless” and suggesting that it may undermine competition within the obesity drug market. As both companies vie for dominance, the implications of this contest are likely to shape the landscape of obesity treatment in the years to come.
