Pfizer is buying its way back into the obesity-drug game after fighting off a rival bid from Novo Nordisk to buy Metsera, with more money and help from the Trump administration
On its third-quarter conference call held on Nov. 4, Pfizer PFE shed light on the two topics for which it has been in the news lately — the drug pricing deal with the Trump administration and the battle with Novo Nordisk NVO related to the Metsera MTSR buyout.
Pfizer’s Metsera Buyout in Jeopardy?
Pfizer is locked in a fierce battle with Novo Nordisk relating to its offer to buy obesity drug developer, Metsera. In September, Pfizer announced a definitive agreement to acquire Metsera for around $7.3 billion (including cash and contingent value rights) to re-enter the lucrative obesity space after it scrapped the development of danuglipron, a weight-loss pill, earlier this year.
Incidentally, Novo Nordisk, which holds a strong position in the obesity space, submitted an unsolicited proposal to acquire Metsera for around $9 billion (including cash and contingent value rights). As the obesity battle intensified, NVO increased its offer price for Metsera to a total value of around $10 billion, which Metsera said was a superior proposal to a revised Pfizer proposal of approximately $8.1 billion.
Pfizer filed a lawsuit against Metsera, Novo Nordisk A/S and several related parties for the breach of the merger agreement. Pfizer claimed Metsera violated its contractual obligations by pursuing Novo Nordisk’s competing offer. It argues that NVO’s offer cannot qualify as a superior proposal under the merger terms because it violates antitrust law and poses significant regulatory risks. In the lawsuit, Pfizer also sought a temporary restraining order to prevent Metsera from terminating the merger agreement. However, the court denied Pfizer’s request for a temporary restraining order.
Pfizer also filed a second lawsuit against Metsera and its directors and Novo Nordisk in a district court in Delaware, calling out NVO’s proposal to buy Metsera an anticompetitive action to maintain its dominance in the GLP-1 drug market by eliminating a potential American rival. Metsera, in response, said it will address Pfizer’s allegations in court and that the latter is trying to acquire it for a lower price than NVO through such legal actions.
In October 2025, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Act with respect to Pfizer’s pending acquisition of Metsera. Pfizer said this cleared the path to completing the Metsera buyout.
On the call, Pfizer expressed confidence that the Pfizer-Metsera combination will create substantial value for shareholders and advance innovation. Pfizer said that the deal will have no impact on its 2025 guidance but should be dilutive to its 2026 EPS. Pfizer expects the deal to be approximately 16 cents dilutive to 2026 adjusted EPS and remain dilutive through 2030.
