- Novo Nordisk offers $62.20 per share for Metsera, totaling $7.2 billion.
- Contingent value rights up to $24.00 per share depend on milestones.
- Novo Nordisk aims to acquire Metsera's peptide programs.
- Pfizer has negotiation rights before Metsera can accept Novo's offer.
Updated Proposal Details
Novo Nordisk has submitted an updated unsolicited proposal to acquire Metsera, Inc. The offer includes acquiring all outstanding shares of Metsera's common stock at $62.20 per share in cash, amounting to an approximate equity value of $7.2 billion. Additionally, contingent value rights (CVRs) up to $24.00 per share, or approximately $2.8 billion, are included based on achieving specific clinical and regulatory milestones.
Strategic Alignment
The acquisition would allow Novo Nordisk to leverage Metsera's early and development-stage incretin and non-incretin analogue peptide programs. This move aligns with Novo Nordisk's long-term strategy to innovate and expand its treatment offerings for obesity and diabetes.
Regulatory and Competitive Considerations
The proposal is subject to the terms of Pfizer's existing merger agreement with Metsera. Pfizer retains the right to negotiate adjustments to its agreement with Metsera, potentially nullifying Novo Nordisk's proposal as a superior offer. If Metsera's board still finds Novo Nordisk's proposal superior after negotiations, they may terminate the Pfizer agreement and proceed with Novo Nordisk.
