Pfizer’s Metsera win unlikely to read through to cross-border biotech M&A

Pfizer has won the bidding war for obesity play Metsera by matching Novo Nordisk’s $10 billion offer, but the outcome doesn’t necessarily portend a broader U.S. policy shift against foreign acquisitions of U.S. biotechs.

After a week of bids and counterbids from Pfizer Inc. (NYSE:PFE) and Novo Nordisk A/S (CSE:NOVO-B; NYSE:NVO) pushed the price of Metsera Inc. (NASDAQ:MTSR) ever higher — with a mix of litigation to further heighten the intrigue — Metsera has finally settle on a suitor. The biotech announced late on Friday that it accepted Pfizer’s offer of $65.60 per share up front, or about $7.6 billion, plus a CVR worth up to $20.65 per share, which if fully paid out would bring the total acquisition price to $10 billion...