Pharmaceutical Market Europe • November 2025 • 6
NEWS
Pfizer pays $10bn for Metsera after bidding war with Novo Nordisk
Pfizer and Metsera, a metabolic disease start-up, have confirmed an amended merger agreement, concluding a competitive bidding process between Pfizer and Novo Nordisk.
The two companies initially entered into a merger agreement in late September, under which Pfizer offered $4.9bn upfront, alongside contingent payments of $22.50 per share linked to clinical and regulatory milestones.
In late October, Novo Nordisk submitted an unsolicited acquisition proposal valuing Metsera at $6.5bn upfront, with up to $2.5bn in additional milestone payments. This was followed by an updated bid in early November worth $7.2bn upfront and up to $2.8bn in contingent payments.
Pfizer subsequently revised its offer to $86.25 per share, comprising $7.6bn upfront and potential future payments of up to $2.4bn – for a combined value of up to $10bn, matching Novo Nordisk’s final offer. However, while both bids have the same total value, Pfizer offered more in upfront payments ($7.6bn vs $7.2bn).
Metsera stated that Pfizer’s updated bid represented the “best overall option” for the company and its shareholders. The firm cited a call from the US Federal Trade Commission (FTC) “regarding potential risks from proceeding with the proposed Novo Nordisk structure under US antitrust laws” as a key consideration.
Merck acquires Cidara in deal worth almost $9.2bn
Merck (known as MSD outside the US and Canada) has agreed to acquire Cidara Therapeutics, a biotech company developing an investigational flu candidate.
Unlike a vaccine, CD388’s mechanism of action does not rely on eliciting an immune response and is therefore expected to be effective regardless of an individual’s immune status.
CD388 previously received Breakthrough Therapy Designation and Fast Track Designation from the US FDA following the phase 2b NAVIGATE study, which met all primary and secondary endpoints related to preventing symptomatic, laboratory-confirmed influenza in healthy, unvaccinated adults aged 18-64.
The candidate is currently under evaluation for flu prevention in the randomised, double-blind, placebo-controlled phase 3 ANCHOR study, which is assessing its efficacy and safety in adults and adolescents at higher risk of flu-related complications. The first participants were dosed in September 2025, with an interim analysis anticipated in early 2026.
Under the terms of the agreement, Merck will acquire all outstanding shares of Cidara at $221.50 per share, valuing the transaction at approximately $9.2bn. Completion is expected in the first quarter of 2026.
Lilly announces plan for new $3bn facility
in Europe
Eli Lilly and Company has announced plans to build a $3bn manufacturing facility at the Leiden Bio Science Park in Katwijk, the Netherlands.
The facility is the latest to be announced by Lilly, which also recently announced an expansion to its manufacturing site in Puerto Rico and new sites in Texas and Virginia, US.
The Katwijk facility will incorporate advanced manufacturing technologies designed to increase capacity for Lilly’s portfolio of oral, solid-dose medicines, including orforglipron – the company’s first oral, small-molecule GLP-1 receptor agonist for the treatment of obesity – which is expected to be submitted to global regulatory agencies by the end of 2025.
Construction is scheduled to begin in 2026 and the project will create approximately 1,500 jobs during construction and a further 500 high-value positions once operational, including roles for engineers, scientists, operations staff, and laboratory technicians.
Lilly currently operates four manufacturing sites in Europe – located in France, Ireland, Italy and Spain. In addition to the Netherlands facility, the company has announced two other new European sites since 2020, in Ireland and Germany, to meet growing demand across its product portfolio.