Novo Nordisk and Pfizer have submitted improved offers for US weight-loss start-up Metsera, but the coveted biotech continues to view Novo’s bid as the “superior” option as the takeover battle escalates.
Meanwhile, a Delaware judge rejected Pfizer’s request for a temporary restraining order to halt Novo’s bid for Metsera. Another hearing has been scheduled for Wednesday. The judge’s decision boosts Novo’s chances of taking over the highly desired weight-loss drugmaker.
Novo’s proposal values the biotech at up to $10bn, up from an earlier offer of as much as $9bn. Under the new proposal, Novo has offered to pay Metsera $62.20 a share upfront in cash almost immediately upon signing, in exchange for a 50 per cent non-voting stake, which converts to a controlling shareholding upon closure. A further $24 a share will be paid later based on the company achieving clinical trial milestones.