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Reuters reported that Pfizer was planning to sweeten its bid for Metsera by a Wednesday midnight deadline agreed by the companies, citing a person familiar with the matter, after a judge denied Pfizer's request to block Novo's higher offer. Sign up here. The Financial Times said Pfizer had matched Novo's offer, which according to a lawyer representing Novo is due to expire at 10 a.m. (1500 GMT) on Thursday. Neither Pfizer nor Metsera had publicly confirmed a sweetened offer as of Thursday morning. Novo declined to comment. AN ASSET WORTH FIGHTING OVER? Pfizer is racing against the clock to salvage a deal after Novo trumped its offer for the startup and its next-generation GLP-1 weight-loss treatments. Some analysts estimate the obesity drug market will hit $150 billion early next decade. The drama began last week when Novo launched an unsolicited bid - its seventh since the quiet tussle began in January - threatening Pfizer's $7.3 billion agreement with Metsera announced in September. Until Wednesday night, Metsera's sales agreement with Pfizer was still active. But Metsera considered Novo's unsolicited bid "superior". Pfizer strongly opposes that view and has said Novo's bid would face regulatory pushback. Novo says its offer complies with all relevant laws. The battle pits two of the world's biggest pharmaceutical companies against each other as they jostle for position in the lucrative but increasingly competitive obesity drug market. "Some assets are truly worth fighting over," said Peter Kolchinsky, managing partner at RA Capital, a major investor in early-stage biotech firms, and a top-20 shareholder in Metsera. Over the past week, the fight has been marked by litigation, duelling press releases, and a warning letter from the Federal Trade Commission questioning the legality of Novo's two-step acquisition plan. Reporting by Sabrina Valle in New York, Maggie Fick, Bhanvi Satija in London, and Christy Santhosh in Bengalaru. Editing by Adam Jourdan and Mark Potter Our Standards: The Thomson Reuters Trust Principles., opens new tab NY-based correspondent reporting on some of the largest deals in Healthcare and Industrials. Previously based in Houston, covering global operations of U.S. oil majors. Sabrina has a two-decade career in Business reporting, with a strong background in source-based enterprise and investigations. She previously worked at Bloomberg, Washington Post and has been based in Rio and D.C. covering large corporations, including finance, corruption and geopolitics. Maggie is a Britain-based reporter covering the European pharmaceuticals industry with a global perspective. In 2023, Maggie's coverage of Danish drugmaker Novo Nordisk and its race to increase production of its new weight-loss drug helped the Health & Pharma team win a Reuters Journalists of the Year award in the Beat Coverage of the Year category. Since November 2023, she has also been participating in Reuters coverage related to the Israel-Hamas war. Previously based in Nairobi and Cairo for Reuters and in Lagos for the Financial Times, Maggie got her start in journalism in 2010 as a freelancer for The Associated Press in South Sudan.
