Novo Nordisk Reportedly Refrains From Backing Down In Metsera Acquisition Battle, Sweetens Bid Further

• The details of the new bid could not be immediately ascertained, FT said.
• Pfizer now has two days to match Novo’s bid or let its agreed-upon deal with Metsera fall through, the report stated. 
• Pfizer reportedly matched Novo’s last offer late on Wednesday, prompting Novo’s new bid.
   

Danish drugmaker Novo Nordisk has reportedly sweetened its bid further for obesity drug maker Metsera amid a rising bidding war with Pfizer.

The Financial Times reported on Thursday, citing people familiar with the matter, that Novo raised its bid after Pfizer matched its last offer, valuing the company at up to $10 billion, late on Wednesday.

The details of the new bid could not be immediately ascertained, FT said. Pfizer now has two days to match Novo’s bid or let its agreed-upon deal with Metsera fall through, the report stated. 

Start Of The Bidding War

Novo Nordisk first announced last week that it has submitted an unsolicited proposal to acquire Metsera, following Pfizer's agreement to acquire the smaller obesity biopharmaceutical company in September. Metsera determined that Novo’s bid was superior and gave Pfizer a certain number of days to negotiate the terms of their agreement.  

On Monday, Metsera said that it has received revised bids from both Pfizer and Novo, valuing the company at up to $8.1 billion and $10 billion, respectively. Pfizer reportedly matched Novo’s offer late on Wednesday, prompting Novo’s new bid.

Pfizer had requested a temporary restraining order from the Delaware Chancery Court last week to prevent Metsera from terminating the existing merger agreement in favor of a competing proposal from Novo Nordisk. However, the court denied the request on Wednesday. Pfizer, however, said that it intends to pursue further litigation and expressed confidence in the merit of claims that Metsera has acted in breach of its contractual obligations. Metsera, on its side, dismissed Pfizer’s arguments as “nonsense.”

How Did Stocktwits Users React?

MTSR stock soared 14% at the time of writing. On Stocktwits, retail sentiment around MTSR stayed within the ‘extremely bullish’ territory over the past 24 hours, while message volume remained at ‘extremely high’ levels.

MTSR stock has more than tripled this year. 

Also See: Johnson & Johnson’s Newly Acquired Antipsychotic Drug Approved By FDA For Major Depressive Disorder

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