Metsera accepts Pfizer's $10 billion bid in ongoing M&A battle

Obesity cause developer Metsera said connected Friday that it had accepted Pfizer's $10 cardinal acquisition offer, successful what could spell the extremity of a bidding warfare betwixt the New York-based pharma elephantine and rival Novo Nordisk that erupted implicit the past week.

Pfizer had appeared to person locked up this acquisition successful September earlier Novo jumped successful past week, sparking a strategical combat for a coveted plus successful the increasing value nonaccomplishment market. Pfizer is trying to summation a toehold successful that marketplace to flooded past in-house stumbles successful processing weight-loss drugs.

Pfizer said it would wage $86.25 per stock successful cash, a premium of 3.69% to Metsera's Friday close. The connection includes $65.60 per stock successful currency and a contingent worth close (CVR) entitling holders to further payments of up to $20.65 per stock successful cash.

Novo wants to retrieve its once-commanding presumption successful obesity drugs it mislaid to Eli Lilly It is unclear if they volition marque different offer, oregon if Metsera would entertain different bid. The company, successful its Friday statement, said Novo's connection presents "unacceptably precocious ineligible and regulatory risks" compared to the projected merger with Pfizer.

Metsera's committee recommended its shareholders o.k. the amended Pfizer offer. In a statement, Pfizer said it was pleased to person reached an statement with Metsera.

The biotech institution presently loses wealth and analysts expect further losses portion its drugs are inactive successful development.

The bidding warfare betwixt Pfizer and Novo took the terms from Pfizer's $7.3 cardinal connection successful September to the existent value. It had escalated into a ineligible and strategical standoff, with Novo seeking to wrest Metsera from Pfizer's grip done a analyzable woody operation that has drawn scrutiny from regulators.

Metsera's experimental obesity drugs MET-097i - a GLP-1 injectable - and MET-233i, which mimics the pancreatic hormone amylin, are projected to scope $5 cardinal successful combined highest sales, according to Leerink Partners expert David Risinger.