Novo Nordisk halts Metsera acquisition, prioritizes financial discipline
Novo Nordisk said Friday it will not increase its offer to acquire U.S. drug developer Metsera Inc., ending a bidding war and citing a commitment to financial discipline.
The Danish pharmaceutical company's decision follows a competitive process that saw it submit multiple unsolicited proposals, with its final offer on Nov. 6 valuing Metsera's equity at approximately $7.6 billion.
That proposal included $65.60 per share in cash and up to $2.4 billion in potential future payments tied to specific milestones.
"Following a competitive process and after careful consideration, Novo Nordisk will not increase its offer to acquire Metsera consistent with its commitment to financial discipline and shareholder value," the company said in a statement.
Novo Nordisk's pursuit of Metsera, which has a portfolio of obesity and diabetes treatments, began on Oct. 30 and put it in competition with Pfizer, which had a prior merger agreement with Metsera, according to company filings.
The withdrawal comes as Novo Nordisk navigates slowing growth for its key GLP-1 drugs and a significant board overhaul.
The company said it will continue to invest in its own pipeline and assess other acquisition opportunities that align with its strategic objectives.
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