Novo Nordisk submits $6.5 billion offer for Metsera

Novo Nordisk (NYSE: NVO) confirmed it submitted an unsolicited proposal to acquire Metsera, Inc. (NASDAQ: MTSR), according to a company statement.

Under the proposed terms, Novo Nordisk would acquire all outstanding shares of Metsera's common stock at $56.50 per share in cash, representing an approximate aggregated equity value of $6.5 billion or enterprise value of $6.0 billion. The deal structure includes contingent value rights (CVRs) of up to $21.25 per share in cash, valued at approximately $2.5 billion, based on achieving certain clinical and regulatory milestones.

The transaction would be structured with cash consideration paid at signing in exchange for non-voting preferred stock representing 50% of Metsera's share capital. The CVRs would be issued upon closing in exchange for the remaining shares.

Metsera operates early and development-stage incretin and non-incretin analogue peptide programs. The proposal is currently under review by Metsera's board of directors.

Novo Nordisk stated the acquisition would align with its strategy of developing medicines for obesity and diabetes treatment.

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