Novo Nordisk's Withdrawal: A Turning Point in Obesity Drug Market

Shares of Novo Nordisk increased after the company withdrew its bid for U.S. weight loss drug maker Metsera, allowing Pfizer to secure a $10 billion deal. This move grants Pfizer entry into the obesity drug market, despite Metsera's treatments being years away from market availability.

On Monday, shares of Novo Nordisk experienced an uptick following the company's decision to withdraw its bid for Metsera, a U.S. weight loss drug firm. This move ended a competitive bidding war with American pharmaceutical giant Pfizer.

By 0801 GMT, Novo's shares had risen by 2.9%. Pfizer announced on Friday its successful acquisition of Metsera for $10 billion, marking a significant setback for Novo, which aimed to regain market positioning against U.S. competitor Eli Lilly. Metsera favored Pfizer's latest offer due to regulatory concerns associated with Novo's proposal, despite earlier praises for its superiority.

This victory provides Pfizer with a foothold in the lucrative obesity drug market, although Metsera's products are still several years from commercial launch.

(With inputs from agencies.)