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Metsera, based in New York, has no products on the market, but
it is developing oral and injectable treatments. That includes
some potential treatments that could target lucrative fields for
obesity and diabetes.
The deal comes as Pfizer is attempting to develop its own stake
in that market, several months after ending development of a
potential pill treatment for obesity.
In a statement issued Friday, Metsera said Pfizer will acquire
the company for up to $86.25 per share, consisting of $65.60 per
share in cash and a contingent value right entitling holders to
additional payments of up to $20.65 per share in cash.
Metsera cited U.S. antitrust risks in Novo’s bid, saying in its
statement that the board has determined Pfizer’s revised terms
represent “the best transaction for shareholders, both from the
perspective of value and certainty of closing.”
The deal comes three days after Novo Nordisk raised the stakes
in its push to outbid Pfizer, saying Tuesday it would offer to
pay as much as $10 billion for Metsera. That was higher than its
previous bid of up to $9 billion which sparked a lawsuit from
Pfizer.
Pfizer had also altered the offer it made in September of nearly
$4.9 billion to provide more cash up front, Metsera had said.
New York-based Pfizer said in an email that it was happy with
the terms of the deal, and expects to close the transaction
shortly following the Metsera shareholder meeting on Nov. 13.
Novo Nordisk said Saturday it would not increase its offer and
would leave the race to acquire Metsera.
Novo's proposed deal had involved paying $62.20 in cash for each
Metsera share, up from its previous bid of $56.50. The Danish
drugmaker planned to tack on a contingent value right payment of
$24, another improvement from its previous bid, if certain
development and regulatory milestones were met.
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