Pfizer acquires Metsera in $10 billion deal after competitive bidding with Novo Nordisk

Pfizer Inc. agreed to buy weight-loss drug startup Metsera Inc. in a $10 billion deal after a fierce bidding war with rival Novo Nordisk A/S.

Metsera announced late Friday that Pfizer will initially pay up to $86.25 per share, including $65.60 per share in cash, as well as potential additional payments of up to $20.65 per share if certain milestones are reached.

Although the deal has not been officially closed, the announcement puts Pfizer in position to win the bidding competition for the start-up with Novo. Bloomberg reported.

Metsera’s board determined that Pfizer’s new offer was “the best transaction for shareholders.”

The new deal is 5 cents per share higher than Pfizer’s previous offer. Bloomberg News reported earlier Friday that Pfizer had increased its offer.