Adding more drama to Metsera Inc.’s (NASDAQ:MTSR) acquisition deal, Novo Nordisk A/S (NYSE:NVO) increased the deal proposal to $62.20 per share in cash, up from $56.50.
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Metsera said the amended proposal constitutes a “Superior Company Proposal.”
Additionally, Metsera would issue Novo Nordisk non-voting preferred stock representing 50% of Metsera’s share capital.
On the same day, Metsera would declare a dividend of $62.20 per share in cash (up from $56.50).
Metsera shareholders could receive a contingent value right representing up to $24 per share in cash (up from $22.50) based on development and regulatory approval milestones, the same as those agreed in the proposed merger between Metsera and Pfizer Inc (NYSE:PFE), and Novo Nordisk would acquire the remainder of the outstanding shares of Metsera.
Also Read: Pfizer Accuses Novo Nordisk Of Antitrust Violations In Metsera Takeover Battle
The proposal values Metsera at up to $86.20 per share, for a total of approximately $10 billion, representing an approximate 159% premium to Metsera’s closing price as of Sept. 19, 2025, the last trading day before the Pfizer transaction was announced.
Revised Pfizer Proposal
On Monday, Pfizer increased the upfront consideration to $60 per share in cash (up from $47.50) and decreased the amount payable under the CVR to up to $10 per share in cash (down from $22.50).
The revised Pfizer proposal includes:
• Adopted the same commercially reasonable efforts standard for the CVR as in the Novo Nordisk Proposal.
• Required a shareholder of Metsera to sell Pfizer 14.9% of the common stock of Metsera upon signing of the transaction.
• Required Metsera to issue a press release stating that the Novo Nordisk Proposal presented unacceptably high risks and was unviable.
At this time, the Pfizer Merger Agreement remains in full effect.
On Monday, Metsera said, “Pfizer is trying to litigate its way to buying Metsera for a lower price than Novo Nordisk. Metsera’s board of directors will continue to stand firm on behalf of shareholders and patients. Pfizer’s litigation arguments are nonsense, and Metsera will address them in court.”
MTSR Price Action: MTSR stock is up 21.51% at $73.80 at publication on Tuesday.
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