Pfizer Clinches $10 Billion Deal: Metsera's 15% Stock Drop Amid Bidding War

Metsera shares fell significantly as the firm accepted a $10 billion offer from Pfizer, ending its bidding war with Novo Nordisk. Despite the dip, Metsera shares have surged since Pfizer's initial interest. The deal grants Pfizer entry into the obesity drug market, leveraging Metsera's pipeline.

In a dramatic twist, shares of Metsera plummeted nearly 15% in premarket trading Monday, following the announcement that the weight-loss drug developer accepted Pfizer's enhanced offer, concluding a heated bidding war with Denmark-based Novo Nordisk.

On Friday, U.S. pharmaceutical giant Pfizer declared a $10 billion acquisition of Metsera, defeating Novo, which is attempting to rebound from setbacks against U.S. competitor Eli Lilly. Metsera endorsed Pfizer's proposal, highlighting U.S. antitrust concerns with Novo's superior bid, prompting the Danish firm to withdraw on Saturday.

Despite the latest downturn, Metsera's stock had soared about 150% since Pfizer initially expressed its intention to purchase the biotech entity for a deal initially valued at $7.3 billion. This acquisition allows Pfizer entrance into the lucrative obesity market, bolstered by Metsera's promising treatments, which include the early-to-mid-stage development drug, MET-097i, and the experimental MET-233i.

(With inputs from agencies.)