How Novo's Unusual Deal Structure Worked

Pharma juggernauts Pfizer and Novo Nordisk are struggling in the obesity drug race.The two companies are searching for their next moneymaker, and that search recently spun out into a ferocious, multibillion-dollar battle for control of biotech start-up Metsera. The FT’s US deals and activism correspondent Oliver Barnes walks through the tussle that’s involved lawsuits, public barbs and political drama.

Clips from CNBC, Pfizer, Yahoo Finance

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For further reading and listening:

Weight-loss wars: $10bn hostile battle pits Pfizer against Novo Nordisk

Pfizer shows hardball mettle needed to win in 2025 M&A

There is only one winner in the Pfizer Novo Nordisk showdown

Ozempic’s unconventional origins

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Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here.

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Follow Oliver Barnes on X (@mroliverbarnes), or on Bluesky (@mroliverbarnes.bsky.social) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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