Metsera (MTSR) Climbs to New 52-Week High as Novo Ups Acquisition Bid to $10 Billion

We recently published 10 Firms Stealing Market Spotlight Amid Bloodbath. Metsera, Inc. (NASDAQ:MTSR) is one of the best-performing on Tuesday.

Metsera rallied to a new all-time high on Tuesday after pharmaceutical giant Novo Nordisk heated up efforts to snatch the company from Pfizer Inc. for an upsized $10 billion acquisition offer.

In intra-day trading, Metsera, Inc. (NASDAQ:MTSR) jumped to a new 52-week high of $74.24 before trimming gains to finish the day just up by 20.50 percent at $73.18 apiece.

Earlier in the day, Novo Nordisk announced that it raised its acquisition bid to acquire Metsera, Inc. (NASDAQ:MTSR) for $10 billion, which the latter declared “superior” to Pfizer’s $7 billion. It can be recalled that Pfizer already secured the approval of Metsera last month for a merger plan.

Under Novo Nordisk’s updated proposal, it would acquire all outstanding shares of Metsera, Inc. (NASDAQ:MTSR) at a price of $62.20 apiece alongside contingent value rights for up to $24 based on the achievement of certain clinical and regulatory milestones.

Pfizer on Tuesday said that it filed two lawsuits against Novo Nordisk and Metsera, Inc.’s (NASDAQ:MTSR) controlling shareholders for conspiring and breaching the agreement.

It said that Novo Nordisk’s move “constitutes an anticompetitive action … to protect its dominant market position in GLP-1s.”

“Pfizer intends to seek all appropriate remedies, including injunctive relief to ensure that Novo Nordisk’s anticompetitive proposed transaction is not permitted to move forward,” it said.

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Disclosure: None. This article is originally published at Insider Monkey.