Novo Nordisk Usurps Pfizer’s Obesity Acquisition in Bid, Defends Duopoly

Original posted at obesity.news/ on Oct 30, 2025

It finally happened. Novo Nordisk just made a surprise counteroffer to acquire Metsera, the same biotech Pfizer publicly announced it was buying only a month ago.

If you’ve been following this story, you know why that matters. Metsera is not just another startup. It is one of the most promising obesity drug developers outside the Lilly and Novo duopoly, with a once monthly GLP-1 and a powerful amylin combo that could shake the entire market. Pfizer saw that and jumped. Now Novo wants in too.

What Happened

According to reports this morning, Novo Nordisk offered $56.50 per share plus $21.25 in milestone payments, valuing the deal at about $6.5 billion upfront. Pfizer’s earlier agreement was for $47.50 per share plus $22.50 in milestones.

Metsera’s board called Novo’s offer “superior.” Pfizer immediately pushed back, accusing Novo of violating their existing agreement. Novo’s new CEO appears to be sending a message that the company will do whatever it takes to defend its dominance in the obesity drug market.

Why It Matters

This is not just business chess. It is a battle for the future of obesity medicine.

Metsera’s once monthly GLP-1, MET 097i, and its long acting amylin, MET 233i, have shown better short term results than any amylin we have seen before. Their combo therapy could produce the kind of weight loss that rivals or even surpasses today’s weekly injections. Add in their oral peptide programs and you can see why both Pfizer and Novo are fighting for it.

For patients, this fight is personal. Every new entrant into the obesity drug market brings the potential for lower prices, broader access, and shorter wait times. We have been stuck under two giants for too long. More competition means more pressure to deliver treatments that real people can afford.

The Bigger Picture

Pfizer’s original deal was its comeback story after Danuglipron collapsed in trials. Novo’s counter makes it clear they do not plan to let Pfizer re-enter the market quietly. If Novo wins, they block Pfizer from getting a foothold and tighten their grip on a market expected to reach $150 billion by the early 2030s.

If Pfizer wins, patients get another heavyweight contender who can produce at scale and possibly drive prices down. Either way, the fact that these companies are now fighting over Metsera tells you everything about how important these next generation obesity drugs will be.

What This Means for Patients

If you are living with obesity, trying to get on a GLP-1, or paying over a thousand dollars a month out of pocket, this story is about you. Every time a company steps into the obesity space, it creates pressure on the ones who already control it. Pressure to expand access. Pressure to stabilize supply. Pressure to stop treating life-changing medication like luxury goods.

The duopoly must be broken up to achieve meaningful change in access and pricing. If Novo is successful here, it keeps the duopoly intact and has the potential to box even more patients out.

Novo is fighting to protect its dominance. Pfizer is fighting to get back in. And patients are stuck in the middle, waiting for real competition to finally make a difference.

OTP Programming Note:

Stay tuned later on this AM for coverage of the Lilly earnings call.

This article is reader-supported on Substack.

To receive new posts and support my work,

consider becoming a free or paid subscriber.

Subscribe