Both companies have submitted revised bids, with Novo’s coming in $1.9 billion higher than Pfizer’s.
The plot has thickened in the Metsera-Pfizer-Novo Nordisk buyout drama. The Danish pharma has revised its proposal to buy Metsera to $10 billion, beating a revised Pfizer offer by about $1.9 billion. Metsera, by this point a winner no matter which parent it ultimately comes under, has deemed Novo’s new proposal “superior.”
Novo’s new offer would pay $62.20 per share in cash, revised from the earlier offer of $56.50, according to a Tuesday press released from Metsera. The second part of the deal would provide a contingent value right of $24 per share, revised from $21.25, after Metsera’s shareholders and regulators approve the deal.
This escalation represents a 159% premium to Metsera’s shares as of September 19, when Pfizer originally announced its acquisition.
Metsera’s revelation of the new Novo bid also noted that Pfizer made a revised bid itself on Nov. 3 totaling about $8.1 billion.
Pfizer was notified of Novo’s revised bid today, according to Metsera’s press release. The company will have two business days to negotiate and potentially submit another offer.
If Pfizer does not come up with a better offer, the deal will be terminated and Metsera will proceed with Novo’s offer. Novo has offered to pay the $190 million termination fee that is part of Pfizer’s original purchase offer.
Pfizer filed litigation against Novo, Metsera and the biotech’s lead shareholders on Friday and Monday, alleging “tortious interference” and accusing the Danish pharma of trying to stifle a potential competitor.
Pfizer will report earnings at 10 a.m. ET, during which analysts have speculated that the New York pharma is likely to face questions from analysts about the bidding war and subsequent litigation.
