Bidding to buy metabolic medicines biotech Metsera in September came down to two pharmaceutical giants, with Novo Nordisk’s higher offer losing out to Pfizer’s $4.9 billion price in part due to regulatory and financial risks tied to a potential deal with the Danish company. Those risks remain, but Novo is back with a new unsolicited bid . It’s a similar deal as before, but Metsera shareholders will get substantially more guaranteed money up front.

Metsera is now prepared to walk away from Pfizer, saying Thursday it has concluded the new Novo offer is superior . Novo is proposing to pay $56.50 in cash for each Metsera share, amounting to about $6.5 billion. That price is a more than 69% premium to Metsera’s closing stock price on Sept. 19, the last trading day before the Pfizer acqui

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