Metsera, a New York-based biopharmaceutical start-up founded in 2022, is developing next-generation medicines for obesity and metabolic diseases. With a workforce of barely 100, the company went public on the Nasdaq Global Select Market in January 2025, raising about $275 million. It is still years away from commercialising its first drug.

That hasn’t stopped Pfizer and Novo Nordisk from fighting fiercely to own it.

The takeover drama began in September 2025, when Pfizer announced a deal to buy Metsera for about $7.3 billion, including an upfront payment of $4.9 billion. Days later, Novo Nordisk, the world leader in obesity treatments with blockbuster drugs Ozempic and Wegovy, made an unsolicited counteroffer of $9 billion.

Pfizer retaliated swiftly—raising its offer to $8.1 billion, suing Novo and Metsera for alleged breach of contract and antitrust violations, and appealing to U.S. authorities. The Federal Trade Commission (FTC) is now reviewing both bids, while a Delaware court has declined to intervene. In a remarkable twist, Pfizer has even approached the White House, accusing Novo Nordisk of “raiding U.S. biotech assets.” Novo Nordisk said yesterday it would pay up to $10 billion to acquire Metsera, sending Metsera stock up 20.5% to $73.18 during the day’s trade. 

Industry observers say Pfizer is likely to further up its bid to overtake Novo’s latest offer. 

Metsera was co-founded by Whit Bernard, a former McKinsey associate partner, and Clive Meanwell, who earlier built The Medicines Company and sold it to Novartis for $9.7 billion in 2020. Their venture, Population Health Partners, and ARCH Venture Partners own Metsera. 

Metsera’s Allure

Why the frenzy over a company with no approved product? Because the obesity-drug market is exploding.

Global spending on anti-obesity medications (AOMs) was around $3 billion in 2020. By 2024, it had soared to more than $30 billion, a tenfold jump in just four years. According to IQVIA, the market will continue to expand at a 13–15% CAGR through 2034, reaching roughly $130 billion. 

At the heart of this boom are GLP-1 and GIP molecules — biologic hormones that regulate appetite, insulin, and metabolism. Metsera’s lead drug candidate, MET-097i, is a long-acting injectable GLP-1 agonist designed for weekly or monthly dosing and is currently in Phase 1/2 clinical trials. The company is also developing combination and oral formulations. It claims a library of over 20,000 gut-hormone peptides and antibody conjugates, offering a rich platform for new “first-in-class” metabolic drugs.

What’s at Stake

For Novo Nordisk, acquiring Metsera could consolidate its dominance in the obesity space. Its flagship drug Wegovy recorded $8 billion in 2024 sales — up 83% year-on-year — while Ozempic brought in another $17 billion. But competition is heating up: Eli Lilly’s dual-hormone drug Mounjaro (for diabetes) and Zepbound (for obesity) have eclipsed both, generating $24.8 billion in the first nine months of 2025, making them the world’s top-selling drugs.

For Pfizer, meanwhile, the acquisition could be a lifeline. With Covid-19 vaccine and antiviral sales plummeting, it lacks a presence in the world’s fastest-growing therapeutic market. Metsera offers a chance to catch up — and possibly leap ahead — in a space that analysts say could define the next decade of biotech origin drugs.