Novo Nordisk has confirmed submitting an unsolicited proposal to acquire U.S.-based Metsera, Inc., a biotechnology company developing early- and mid-stage incretin and non-incretin peptide therapies. The proposed acquisition would strengthen Novo Nordisk’s pipeline in obesity, diabetes, and related metabolic diseases, aligning with its long-term growth strategy to expand access to innovative treatments worldwide.
Under the terms of the proposal, Novo Nordisk has offered to purchase all outstanding shares of Metsera at $56.50 per share in cash, representing a total equity value of approximately $6.5 billion (or an enterprise value of around $6.0 billion). The offer also includes contingent value rights (CVRs) worth up to an additional $21.25 per share in cash—or about $2.5 billion—tied to the achievement of certain clinical and regulatory milestones.
If accepted, half of the cash consideration would be paid at signing in exchange for non-voting preferred stock representing 50% of Metsera’s share capital. The remaining shares would be exchanged for the CVRs upon completion of the acquisition.
The proposal is currently under review by Metsera’s board of directors.
Novo Nordisk stated that the potential acquisition would complement its existing R&D portfolio and enhance its ability to deliver next-generation peptide-based therapies. The company emphasized that the move is consistent with its mission to “develop innovative and differentiated medicines” and reach millions more people affected by obesity and diabetes globally.
Founded in 1923 and headquartered in Denmark, Novo Nordisk employs approximately 78,400 people across 80 countries and markets its products in around 170. Its B shares trade on Nasdaq Copenhagen, while its ADRs are listed on the New York Stock Exchange (NVO).