Obesity med giant Novo Nordisk has submitted an unsolicited proposal to acquire Metsera, outbidding Pfizer.
Novo has offered $56.50 a share, giving Metsera an aggregated equity value of $6.5 billion. The deal includes an additional $21.25 per share in milestones, worth a further $2.5 billion, for a total deal value of $9 billion.
In September, Pfizer announced that it had entered into a definitive agreement to acquire Metsera, picking up a portfolio of differentiated oral and injectable incretin, non-incretin and combination therapy candidates. Pfizer’s bid, which included upfront payments and milestones, was worth up to $7.3 billion.
Now, Metsera says its Board of Directors had determined that the unsolicited Novo proposal constitutes a "superior company proposal" as defined in Metsera's existing merger agreement with Pfizer. This triggers a four business day period during which Pfizer has the right to negotiate with Metsera. Pfizer has informed Metsera that it does not believe Metsera has the right to deliver the notice.
Metsera disagrees with Pfizer's view.