Novo Nordisk confirms that it submitted an unsolicited proposal to acquire development-stage drugmaker Metsera.
The offer seeks to counter Pfizer's attempt to buy the company. The pharmaceutical giant last month bid $4.9 billion to acquire Metsera
The acquisition of Metsera, including its early and development-stage incretin and non-incretin analogue peptide programs, would provide Novo Nordisk the opportunity to maximize the potential of Metsera’s complementary portfolio and capabilities.
An acquisition would be in line with Novo Nordisk’s long-term strategy of developing innovative and differentiated medicines and treating millions more people living with obesity and diabetes and their associated comorbidities.
Under the terms of the proposal, Novo Nordisk would acquire all outstanding shares of Metsera’s common stock at a price of $56.50 per share in cash (equal to an approximate aggregated equity value of $6.5 billion or approximate enterprise value of $6 billion) and contingent value rights (CVRs) for up to $21.25 per share in cash (or an approximate aggregated value of up to $2.5 billion) based on the achievement of certain clinical and regulatory milestones.
The cash consideration will be paid at signing in exchange for non-voting preferred stock representing 50% of Metsera’s share capital and the CVRs will be issued upon the closing of the acquisition in exchange for the remaining shares.
