Pfizer Triumphs in Bidding War for Metsera Amidst Weight-Loss Drug Market Shakeup

Metsera shares fell 15% after Pfizer clinched a $10 billion deal, ending a bidding war with Novo Nordisk. The decision was influenced by antitrust concerns with Novo's bid. Pfizer's acquisition grants them access to the obesity drug market, despite Metsera's drugs being in early development.

In a dramatic turn of events, shares of Metsera plummeted over 15% on Monday following the company's acceptance of a $10 billion buyout offer from U.S. drugmaker Pfizer. This decision effectively concluded a heated bidding contest with Danish pharmaceutical counterpart Novo Nordisk.

Metsera cited potential U.S. antitrust issues with Novo Nordisk's previously superior bid as a pivotal factor in their decision to align with Pfizer. Following this development, Novo announced its withdrawal from the acquisition race over the weekend.

Pfizer's victory in acquiring Metsera paves its way into the burgeoning obesity drug sector. However, concerns loom as Metsera's products are still in development stages and U.S. drugmakers face pressures to reduce prescription drug costs.

(With inputs from agencies.)