Behind the Money Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs
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Nov 12, 2025 
In this engaging discussion, Oliver Barnes, U.S. deals and activism correspondent for the Financial Times, delves into the fierce $10 billion battle between Pfizer and Novo Nordisk over the biotech startup MetSera. He outlines why weight-loss drugs have become crucial for both companies and explains the unique bidding strategies employed. Topics include Novo's unsolicited bid, Pfizer's accusations of bribery, and the political drama surrounding the FTC's involvement. With high stakes in play, the showdown reveals the urgent demand for innovative obesity treatments.
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Obesity Drugs Are The Next Big Battleground
- The MetSera fight shows how valuable next-gen obesity drugs are to big pharma and investors.
- Monthly injectables and improved safety profiles could reshape a $100bn-plus market by 2030.
First Mover Isn't Forever
- Novo Nordisk led the obesity drug wave with Ozempic but has seen its share price fall ~50% amid pipeline concerns and competition.
- Market leadership in innovation doesn't guarantee long-term dominance.
Clinical Failures Drive Acquisition Urgency
- Pfizer's own GLP-1 program faltered due to gastrointestinal side effects, leaving it hungry for external assets.
- Failures in clinical programs push big pharmas to acquire startups with promising safety profiles.