Novo Nordisk submits counter bid to acquire Metsera

Danish pharma major Novo Nordisk (NOV: N) today confirmed that it submitted an unsolicited proposal to acquire Metsera (Nasdaq: MTSR), aiming to outbid US pharma giant Pfizer (NYSE: PFE), which just last month announced its own offer to acquire Metsera. 

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 $6.0 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.

In total, this is worth more than the Pfizer offer, potentially worth up to $7.3 billion, with $47.50 per share in cash at closing and further contingent payments