(Reuters) -Novo Nordisk and Pfizer have revised their bids for Metsera, the obesity drug developer said on Tuesday. Novo’s revised offer brings the deal value to about $10 billion, while Pfizer is now willing to shell out $8.1 billion. The revised bids come as both companies are engaged in a public dispute to acquire Metsera. […]
Health
Novo Nordisk, Pfizer sweeten bid for Metsera as bidding war heats up
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(Reuters) -Novo Nordisk and Pfizer have revised their bids for Metsera, the obesity drug developer said on Tuesday.
Novo’s revised offer brings the deal value to about $10 billion, while Pfizer is now willing to shell out $8.1 billion.
The revised bids come as both companies are engaged in a public dispute to acquire Metsera.
Pfizer has filed two lawsuits against Metsera, its board, and Novo Nordisk.
The first lawsuit, filed on Friday, claims Novo’s bid breaches Pfizer’s merger agreement and seeks to bypass antitrust review. Pfizer is asking a court to block Metsera from terminating the deal, with a hearing set for later on Tuesday.
As per Novo’s new offer, Metsera is also eligible to receive an additional $24.00 per share in cash, up from $22.50, based on development and regulatory approval milestones.
(Reporting by Mrinalika Roy, Christy Santhosh and Siddhi Mahatole in Bengaluru; Editing by Maju Samuel and Leroy Leo)