An acquisition would be in line with Novo Nordisk’s long-term strategy of developing innovative and differentiated medicines and treating millions more people living with obesity and diabetes and their associated comorbidities, the company states further.

Terms of the proposal

Under the terms of the proposal, Novo Nordisk would acquire all outstanding shares of Metsera’s common stock at a price of USD 56.50 per share in cash (equal to an approximate aggregated equity value of USD 6.5 billion or approximate enterprise value of USD 6.0 billion) and contingent value rights (CVRs) for up to USD 21.25 per share in cash (or an approximate aggregated value of up to USD 2.5 billion) based on the achievement of certain clinical and regulatory milestones. The cash consideration will be paid at signing in exchange for non-voting preferred stock representing 50% of Metsera’s share capital and the CVRs will be issued upon the closing of the acquisition in exchange for the remaining shares.

The proposal is currently subject to review by the Metsera board of directors.