NEW YORK, 5 November 2025 — The high-stakes race to dominate the global obesity drug market escalated this week as Pfizer Inc. (NYSE: PFE) and Novo Nordisk A/S (CPH: NOVO-B) submitted rival bids for U.S.-based Metsera (NASDAQ: MTSR), a biotech developer of next-generation obesity treatments.
Metsera said Novo Nordisk’s US$10 billion proposal was “superior” to Pfizer’s revised US$8.1 billion offer, intensifying what has become one of the pharmaceutical industry’s most closely watched takeover battles.
The dramatic contest began after Novo Nordisk made a surprise unsolicited bid on October 30 — disrupting Pfizer’s earlier acquisition agreement with Metsera, and has since devolved into a rancorous legal showdown over merger terms, antitrust risks, and shareholder value.
Pfizer Fights to Regain Ground in Weight-Loss Market
Pfizer, which raised its offer from US$7.3 billion, has filed two lawsuits against Metsera, its board, and Novo Nordisk in Delaware’s Chancery Court to block the deal.
A Delaware judge, Vice Chancellor Morgan Zurn, said in a preliminary assessment that she “does not see the need to involve the court in the bidding war” but set another hearing for Wednesday to review the process.
“My strong sense is that it would be wrong for this court to inject itself into an ongoing topping process that’s creating value for Metsera stockholders,” Vice Chancellor Zurn noted.
Metsera’s board has given Pfizer until the end of Wednesday to match Novo’s offer.
The legal battle underscores Pfizer’s urgency to re-enter the booming obesity drug market, projected to exceed US$150 billion annually by the next decade. The company is seeking new growth drivers amid declining COVID-19 product sales and patent expirations for several key medicines.
Speaking after the company’s quarterly results, CEO Albert Bourla described Novo’s bid as “the epitome of antitrust conflict,” a claim Novo has denied.
Pfizer’s third-quarter earnings beat analyst expectations, with adjusted EPS of US$0.87, up 24 cents above consensus. The company also raised its 2025 profit forecast to US$3.00–US$3.15 per share, up from US$2.90–US$3.10, even as total revenue fell 6% to US$16.65 billion.
Sales of its COVID antiviral Paxlovid plunged 55%, while Comirnaty vaccine sales, co-developed with BioNTech, dropped 20%.
Novo Seeks to Regain Leadership Amid Competition
Novo Nordisk, meanwhile, is fighting to reclaim its dominance in the obesity segment, after rival Eli Lilly’s (NYSE: LLY) Zepbound outpaced Novo’s blockbuster Wegovy in market share earlier this year.
Novo’s move for Metsera reflects its strategic push to reinforce its GLP-1 drug pipeline, a key growth engine as demand for metabolic treatments surges worldwide.
Shares React Amid Court Drama
Metsera’s shares surged over 20% on Tuesday after the judge’s initial comments, while Pfizer’s stock, which had earlier gained 1%, slipped 0.7% after the hearing.
Novo’s latest offer has turned what began as a straightforward acquisition into a complex corporate and legal battle, one that may reshape the global obesity drug market for years to come.
