Pfizer to Buy Metsera for Up to $10 Billion as Novo Bows Out (1)

Pfizer Inc. agreed to buy Metsera Inc. for up to $10 billion, prevailing over Novo Nordisk A/S in a tumultuous bidding war after US regulatory opposition thwarted the Danish drugmaker’s rival bid for the obesity drug startup.

Pfizer raised its offer to as much as $86.25 a share, matching a revised bid from Novo on Nov. 6. The US company agreed to pay $65.60 a share in cash and up to $20.65 a share contingent on certain milestones, Metsera said in a statement on Friday.

Metsera cited a call from the US Federal Trade Commission regarding potential risks from proceeding ...