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Bond Market News
Metsera Accepts $10bn Takover Offer from Pfizer
November 10, 2025
Biotech company Metsera has accepted a $10bn takeover offer from pharma giant Pfizer, thus ending a bidding war with rival Novo Nordisk. Pfizer’s offer consists of $86.25/share in cash, comprising of a $65.60/share base offer plus a contingent value right (CVR) of up to $20.65/share. Metsera’s board recommended that shareholders approve the Pfizer deal, stating that Novo Nordisk’s competing proposal involved “unacceptably high legal and regulatory risks”. Earlier this year, Pfizer was the first in line to acquire Metsera but Novo Nordisk intervened, thereby sparking a bidding war. Metsera is currently unprofitable as its weight-loss drugs are under development. Analysts estimate that its peak combined sales of the key drugs could reach ~$5bn. For Pfizer, the deal represents a strategic move into the booming obesity-drug market, where it has previously lagged.
Bonds of Pfizer were trading stable, with its 7.2% 2039s at 119.7, yielding 5.1%
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