Adding more drama to Metsera Inc.’s acquisition deal, Novo Nordisk A/S ( NVO ) increased the deal proposal to $62.20 per share in cash, up from $56.50.

• Watch the MTSR momentum here.

Metsera ( MTSR ) said the amended proposal constitutes a “Superior Company Proposal.”

Additionally, Metsera ( MTSR ) would issue Novo Nordisk ( NVO ) non-voting preferred stock representing 50% of Metsera’s share capital.

On the same day, Metsera ( MTSR ) would declare a dividend of $62.20 per share in cash (up from $56.50).

Metsera ( MTSR ) shareholders could receive a contingent value right representing up to $24 per share in cash (up from $22.50) based on development and regulatory approval milestones, the same as those agreed in the proposed merger between Metsera ( MTSR ) and Pfizer Inc ( PFE ) , and Novo Nordisk ( NVO ) would acquire the remainder of the outstanding shares of Metsera ( MTSR ).

Also Read: Pfizer Accuses Novo Nordisk Of Antitrust Violations In Metsera Takeover Battle

The proposal values Metsera ( MTSR ) at up to $86.20 per share, for a total of approximately $10 billion, representing an approximate 159% premium to Metsera’s closing price as of Sept. 19, 2025, the last trading day before the Pfizer ( PFE ) transaction was announced.

Revised Pfizer Proposal

On Monday, Pfizer ( PFE ) increased the upfront consideration to $60 per share in cash (up from $47.50) and decreased the amount payable under the CVR to up to $10 per share in cash (down from $22.50). 

The revised Pfizer ( PFE ) proposal includes:

• Adopted the same commercially reasonable efforts standard for the CVR as in the Novo Nordisk Proposal.

• Required a shareholder of Metsera ( MTSR ) to sell Pfizer ( PFE ) 14.9% of the common stock of Metsera ( MTSR ) upon signing of the transaction.

• Required Metsera to issue a press release stating that the Novo Nordisk Proposal presented unacceptably high risks and was unviable.

At this time, the Pfizer Merger Agreement remains in full effect.

On Monday, Metsera ( MTSR ) said, “Pfizer is trying to litigate its way to buying Metsera ( MTSR ) for a lower price than Novo Nordisk ( NVO ). Metsera’s board of directors will continue to stand firm on behalf of shareholders and patients. Pfizer’s litigation arguments are nonsense, and Metsera ( MTSR ) will address them in court.”

MTSR Price Action: MTSR stock is up 21.51% at $73.80 at publication on Tuesday.

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