New York: In a decisive move that reshapes the competitive landscape of the global pharmaceutical industry, Pfizer Inc. has successfully secured a $10 billion deal to acquire biotech firm Metsera, defeating rival Novo Nordisk in a high-stakes bidding war. The acquisition marks Pfizer’s most significant push yet into the booming obesity drug market, a segment currently dominated by Novo Nordisk and Eli Lilly.
Pfizer’s sweetened offer, finalized on Saturday, consists of $65.60 in cash per share and an additional contingent value right (CVR) worth up to $20.65 per share, bringing the total potential value to $86.25 per share. This revised bid gained the unanimous support of Metsera’s board of directors, ending weeks of speculation over whether the biotech would side with Novo Nordisk’s competing proposal.
The deal is expected to close following shareholder approval, with a vote scheduled for November 13, 2025. Pfizer’s acquisition will bring Metsera’s entire obesity and metabolic disease pipeline under its control, fortifying its position in one of the most lucrative therapeutic areas in modern medicine.
Pfizer had initially reached an agreement with Metsera in September 2025, valuing the company at around $7.3 billion. However, Novo Nordisk, eager to defend its dominance in the obesity drug space, countered with a rival offer last week, sparking a rapid escalation in valuations.
As investor excitement mounted, Metsera’s shares soared nearly 60 percent in a single week, raising its market capitalization to about $8.75 billion. Analysts say the bidding war was driven by the enormous commercial potential of Metsera’s investigational GLP-1 and amylin-mimetic compounds key mechanisms in weight-loss therapy that have revolutionized global healthcare markets.
Metsera’s drug candidates, particularly MET-097i, a GLP-1-based injectable, and MET-233i, an amylin analogue, have drawn strong attention from the pharmaceutical community. Early-stage results have suggested promising efficacy in weight reduction and metabolic control areas that have seen exponential patient demand worldwide.
Pfizer’s leadership has viewed the acquisition as essential to diversify beyond its COVID-era portfolio and reclaim momentum in high-growth therapeutic segments. With Metsera’s assets, the company aims to compete more directly with Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro, both of which have captured unprecedented global sales.
Metsera’s decision to favor Pfizer was also influenced by regulatory considerations. According to sources cited by Bloomberg and Reuters, the U.S. Federal Trade Commission (FTC) had flagged potential antitrust issues surrounding Novo Nordisk’s proposed merger, given its existing dominance in the GLP-1 market.
Pfizer’s offer, in contrast, was seen as more likely to gain swift regulatory approval. Despite that, analysts caution that the $10 billion price tag is ambitious, with profitability hinging on successful clinical outcomes and long-term pricing power in an increasingly competitive obesity drug environment.
Bernstein Research analysts have described the deal as a “bold but high-risk” maneuver for Pfizer, estimating that it assumes potential revenues of $11 billion by 2040 from Metsera’s portfolio. However, industry experts warn that ongoing price compression in obesity drugs, combined with manufacturing scale-up challenges, could weigh on returns in the short term.
Still, the acquisition is expected to deliver strategic value. It positions Pfizer as a serious contender in a space where demand continues to outstrip supply and gives it access to a class of treatments forecast to become a $150 billion global market within the next decade.
The takeover marks another chapter in the intensifying race to dominate the obesity treatment industry a race that has redefined investor confidence in pharma innovation. For Metsera, the deal represents a major validation of its research capabilities and a lucrative exit opportunity for its shareholders.
For Novo Nordisk, however, the loss signals a rare strategic setback. The company has long been synonymous with weight-loss therapies, but this defeat could complicate its plans to consolidate further control over the GLP-1 ecosystem.
With the shareholder meeting set for next week, the market is watching closely for regulatory filings and integration plans from Pfizer. The transaction, once approved, is expected to accelerate research timelines, expand clinical trials globally, and potentially bring new obesity treatments to market by the early 2030s.
The deal also sends a clear message: the battle for the future of obesity treatment is only beginning. As Pfizer takes a commanding step into a sector poised for massive growth, global competitors will likely respond with their own mergers, research investments, and aggressive market strategies.