Novo and Pfizer in Metsera takeover battle

In a surprising move, Novo Nordisk A/S has overbid Pfizer Inc.’s M&A tender for Metsera Inc by US$1.9bn. Metsera develops GLP-1 and amylin-based therapeutics. GLP-1 (glucagon-like peptide-1) increases insulin secretion. It suppresses glucagon production. This lowers blood sugar levels. Amylin slows gastric emptying. It increases the feeling of satiety.

Long-acting formulation

The lead candidate, MET-097i, is a long-acting GLP-1 receptor agonist currently in Phase II development. It is administered monthly. Currently approved GLP-1 drugs for obesity are administered weekly or daily. Interim results show participants lost an average of 14% body weight. Weekly GLP-1 drugs achieved around 12%. Tirzepatide showed 8.5–26.6%, depending on the study.

Pipeline and oral formulation

Metsera also develops an amylin analogue. It can be combined with GLP-1. The company is working on a more stable oral GLP-1 formulation. The peptide is chemically stabilised using protease-resistant amino acid derivatives. Bioavailability is improved by encapsulation, pH-dependent release, and albumin binding.

Strategic move for Pfizer

For Pfizer Inc., a publicly listed US pharma company, the takeover is strategic. Its own oral GLP-1 candidates, such as danuglipron, have been put on hold. Pfizer described Novo’s bid as a “reckless and unprecedented proposal”. Pfizer is considering legal steps to enforce the existing agreement. Metsera, however, considers Novo’s offer superior. The company has given Pfizer four business days to improve its offer. If Pfizer does not respond, Metsera could terminate the existing agreement.

Market outlook

The obesity market is growing. Analysts forecast annual sales of US$150bn by 2030. Metsera is developing long-acting and orally available therapies.