After a bidding war erupted between Pfizer and Novo Nordisk over the fledgling obesity drug maker, Metsera decided to side with its original suitor.
Pfizer has won the bidding war with rival Novo Nordisk over obesity biotech Metsera.
The final price agreed to by the two companies is $65.60 per share in cash, or about $6.9 billion, plus an additional $20.65 in contingent value rights (CVRs), bringing the total to $86.25 per share, or about $9 billion total.
Metsera’s board of directors reaffirmed its support for the company’s acquisition by Pfizer, noting that it “has determined that the revised terms represent the best transaction for shareholders, both from the perspective of value and certainty of closing” in a statement released late Friday night.
Metsera initially agreed to be acquired by Pfizer in September for $4.9 billion, with additional CVRs down the line. On Oct. 30, Novo Nordisk tried to pinch Metsera with an $8.5 billion offer. Pfizer sued Novo to stop the deal, and the two companies made a series of counteroffers, upping the potential windfall for Metsera to upwards of $10 billion.
