New York: A new player has emerged in the almost $300 billion weight loss market. Following Ozempic’s exploding popularity as a quick weight loss treatment and Wegovy and other drugs competing for the pie, now Pfizer has won the rights to acquire US-based Matsera to enter the fray. The company won a highly competitive bidding war for the company, finally settling at a $10 billion valuation for the company, after rival Novo Nordisk refused to bid further for the company.
According to a press release by Matsera, the deal represents the best transaction for its shareholders:
“The Metsera Board of Directors has determined that the revised terms represent the best transaction for shareholders, both from the perspective of value and certainty of closing. In addition, the Metsera Board of Directors has further determined that the transaction proposed by Novo Nordisk presents unacceptably high legal and regulatory risks to Metsera and its stockholders compared to the proposed merger with Pfizer, including risks that the initial dividend may never be paid or may be subsequently challenged or rescinded. Metsera remains committed to the merger with Pfizer, which Metsera believes will deliver immediate and substantial value to Metsera stockholders, and the parties expect to close promptly following the stockholder meeting on November 13,” it read.
With this, Pfizer can now enter the fray with Metsera’s upcoming MS-982 therapy, an injectible drug that could rival Wegovy and Ozempic.
For Pfizer, this development comes after a series of R&D setbacks with its own obesity drug problems. The acquisition of Metsera will help Pfizer diversify beyond its traditional vaccine and oncology segments.
