US drugmaker Pfizer said Thursday that it has completed its acquisition of biotech firm Metsera, closing a deal worth up to $10 billion after a fierce bidding war.
The approval from Metsera’s shareholders opens the door for Pfizer to make inroads into the fast-growing market for weight loss drugs.
Metsera, a US company specializing in obesity treatments, had been the subject of escalating offers from Pfizer and Danish challenger Novo Nordisk, which makes the weight loss drug Wegovy and Ozempic, a diabetes medication with weight loss benefits.
Pfizer said in a statement that its acquisition was successfully completed.
It had offered to acquire Metsera for up to $86.25 per share, making the deal worth around $10 billion.
This involved $65.60 per share in cash, and an additional $20.65 per share linked to the success of its drug pipeline.
“By acquiring Metsera, we are directing our resources toward one of the most impactful and high-growth therapeutic areas and positioning ourselves to define it,” said Pfizer chief executive Albert Bourla.
“We look forward to combining Metsera’s innovative portfolio with our global development, manufacturing and commercial infrastructure,” he added.
The potential sale of Metsera to Novo Nordisk had drawn scrutiny over potential antitrust implications.
