Novo Nordisk shares rise after dropping Metsera bid
Shares of Danish pharmaceutical giant Novo Nordisk rose in early trade on Monday after the company abandoned its bid for U.S. weight-loss drug developer Metsera. The move ends a bidding contest with Pfizer, which secured the deal for $10 billion.
Novo’s stock was up 2.9% at 0801 GMT. The Danish company, known for its obesity drug Wegovy, said it would exit the race following Pfizer’s successful sweetened offer. Metsera cited potential U.S. antitrust issues with Novo’s bid, even though it had previously favored the Danish group, News.Az reports, citing Reuters.
The deal gives Pfizer a foothold in the growing obesity drug market, although Metsera’s treatments are still years from commercial availability. For Novo Nordisk, the decision marks a strategic retreat as it continues to compete with U.S. rival Eli Lilly in the obesity treatment sector.
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