Novo Nordisk has confirmed that it will not increase its offer to acquire Metsera, ending speculation of a potential bidding escalation.

The announcement follows a series of unsolicited proposals made by Novo Nordisk in recent weeks. On 30 October 2025, the company submitted its initial acquisition proposal, which was  declared superior by Metsera’s board of directors.  

On 4 November 2025, Novo Nordisk submitted an updated unsolicited proposal valued at USD 62.20 per share in cash, representing an equity value of approximately USD 7.2 billion (enterprise value of about USD 6.7 billion) and contingent value rights (CVRs) of up to USD 24.00 per share (worth up to USD 2.8 billion) based on the achievement of certain clinical and regulatory milestones.

Subsequently, on 6 November 2025, the company submitted a revised unsolicited proposal, raising its bid to USD 65.60 per share in cash, equating to an aggregated equity value of around USD 7.6 billion (enterprise value of about USD 7.1 billion) and CVRs worth up to USD 20.65 per share (valued at USD 2.4 billion).

“We believe that the structure of our potential merger agreement is compliant with antitrust laws. Following a competitive process and after careful consideration, Novo Nordisk will not increase its offer to acquire Metsera consistent with its commitment to financial discipline and shareholder value,” the company stated.   

Novo Nordisk reaffirmed its commitment to advancing a diverse pipeline of next-generation treatments for obesity and related metabolic diseases.

The company added that it will continue to assess opportunities for business development and acquisitions that meet its criteria for returns and capital allocation and that further its strategic objectives.