Pfizer has amended its merger agreement with Metsera, increasing the acquisition price to up to $86.25 per share as the pharmaceutical giant fends off a competing bid from Novo Nordisk for the biotech company. The revised deal, announced November 7, 2025, consists of $65.60 per share in cash plus a contingent value right (CVR) entitling holders to additional payments of up to $20.65 per share.
Board Rejects Novo Nordisk Proposal
Metsera's Board of Directors unanimously reaffirmed its support for the Pfizer merger, determining that the revised terms represent the best transaction for shareholders from both value and certainty perspectives. The board previously rejected Novo Nordisk's proposal due to what it characterized as "a variety of risks" in the deal structure.
The decision gained additional weight following contact from the U.S. Federal Trade Commission regarding potential antitrust risks associated with the proposed Novo Nordisk structure. The Metsera board concluded that the Novo Nordisk transaction "presents unacceptably high legal and regulatory risks to Metsera and its stockholders compared to the proposed merger with Pfizer, including risks that the initial dividend may never be paid or may be subsequently challenged or rescinded."
Pfizer Challenges Novo Nordisk Bid
Pfizer characterized Novo Nordisk's proposal as "reckless and unprecedented," describing it as an attempt by a company with a dominant market position to suppress competition in violation of law. The company stated that the proposal "is structured in a way to circumvent antitrust laws and carries substantial regulatory and executional risk."
According to Pfizer, the proposal "is illusory and cannot qualify as a superior proposal under Pfizer's agreement with Metsera," and the company indicated it is prepared to pursue all legal avenues to enforce its rights under the existing agreement.
Strategic Rationale and Timeline
The Metsera board selected Pfizer over other bidders because none "could complete an acquisition of 100% of Metsera's equity with the same level of certainty or on the same expected timeline as Pfizer." The transaction is designed to create "real, certain and immediate value for Metsera's stockholders and ensures Metsera's important drug candidates can emerge as key competitors available to all patients."
The companies expect to close the transaction promptly following a stockholder meeting scheduled for November 13, 2025. Metsera's board unanimously recommends that stockholders approve the adoption of the amended Pfizer merger agreement.
Market Competition Concerns
Pfizer framed the acquisition as protecting competition in what it described as "an important therapeutic area," positioning the deal as preventing Novo Nordisk from taking over "an emerging American challenger." The company emphasized that the Pfizer transaction ensures Metsera's drug candidates will be "available to all Americans" in the relevant therapeutic market.
The amended agreement reflects the competitive dynamics in the pharmaceutical industry, where established players like Novo Nordisk and Pfizer compete for promising biotech assets and their pipeline candidates.
