CNBC's David Faber breaks down the latest details about a bidding war between Pfizer and Novo Nordisk for Metsera.

A competitive bidding war has developed between Pfizer and Novo Nordisk over the acquisition of Metsera, a company with a significant presence in the GLP-1 drug market. Novo Nordisk recently submitted a higher offer structured to provide immediate payment to Metsera shareholders, prompting Pfizer to increase its own bid and initiate legal action over the deal's structure.

Novo Nordisk's latest proposal has been deemed superior, giving Pfizer a limited window to respond while a court considers Pfizer's request for a temporary restraining order. The dispute underscores the strategic importance of Metsera's products and the growing value of the GLP-1 drug segment, with antitrust issues remaining a key obstacle.

Pfizer and Novo Nordisk both raise bids for Metsera

We got an old-fashioned bidding war going on between Nova Nordisk and Pfizer to take control of Metsera. Our viewers may remember it was last week, or actually a few weeks ago, Pfizer had a deal to acquire this company to try to build its presence in the GLP-1 arena, essentially reducing, obviously, people's weight, where it really has not had a great deal of success going up against the incumbents Eli Lilly and Nova Nordisk. But then Nova came in last week with an interesting offer in terms of its structure that would pay shareholders of Metsera immediately upon the signing of a transaction, a very large amount, actually all of the consideration. It would then acquire the company at a later date once it had received antitrust approval, Pfizer objecting to that, suing. In fact, there is a hearing for a temporary restraining order that begins six minutes from now on that. But prior to that, Pfizer still decided, well, we better raise our bid. And so they did, to $60 a share and then $10 in a contingent value, right? These are these things we often see in these kinds of deals that are contingent upon reaching certain milestones for drugs that are yet to be approved or in the pipeline and things of that nature. Nova came right back, though, and goes to a 8620 total value where they're paying 60 to 20. That, again, is the amount you would get immediately and then it would be paid as a dividend to shareholders by Metsera and a CVR of 24 bucks that has now been deemed superior. Pfizer is yet again on the clock, which is set at I believe it was four days from when they had deemed Nova superior. And meanwhile, we'll see what the judge has to say for this TRO, although Pfizer may have undermined some of its arguments by deciding to raise its bid in the way that it did. Of course, all of this underlines the importance of the product portfolio at this company and the importance overall of the GLP-1 class of drugs, excuse me, the value of which has largely accrued to the two leaders, namely Novo and Lilly. For its part, Albert Bourla on the call for Pfizer, which had earnings this morning, had this to say about Novo's bid. I want to address our proposed acquisition of Metsera. We believe that Novo Nordisk offer is illusory and cannot constitute superior proposal under the terms of our merger agreement with Metsera because it violates antitrust law and there is a high risk it will never be consummate. Of course, best case scenario would be they actually get blocked, you get paid, and then they go out and sell themselves to Pfizer at a later date. Call.

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