Novo Nordisk has confirmed that it has submitted an updated, unsolicited proposal to acquire Metsera, which has been declared superior by Metsera’s board of directors.

The updated proposal follows Novo Nordisk’s initial bid announced on 30 October 2025. If completed, the acquisition would give Novo Nordisk access to Metsera’s early and development-stage incretin and non-incretin analogue peptide programmes — strengthening its pipeline in obesity and diabetes care.

Under the terms of the revised proposal, Novo Nordisk would acquire all outstanding shares of Metsera’s common stock for USD 62.20 per share in cash - equal to an approximate aggregated equity value of 7.2 billion USD or an approximate enterprise value of 6.7 billion USD. In addition, shareholders would receive contingent value rights (CVRs) of up to USD 24.00 per share (worth up to USD 2.8 billion) based on the achievement of specified clinical and regulatory milestones.

The cash consideration will be paid at signing in exchange for non-voting preferred stock representing 50 percent of Metsera’s share capital. At the same time, the CVRs will be issued upon the closing of the acquisition in exchange for the remaining shares.

Novo Nordisk said that the proposal, including the structure of the transaction, complies with all applicable laws and highlights its commitment to innovation and long-term investment in the US.

The proposal, however, remains subject to the terms of Metsera’s existing merger agreement with Pfizer. Under that agreement, Pfizer has the right to negotiate adjustments that could render Novo Nordisk’s offer no longer superior. If, after this negotiation period, Metsera’s board of directors concludes that Novo Nordisk’s proposal continues to be the superior offer, the company may terminate the Pfizer agreement and proceed with a binding agreement with Novo Nordisk.