LONDON (ShareCast) - (Sharecast News) - US biotech firm Metsera tumbled on Monday after it agreed to be bought by Pfizer in a sweetened $10bn deal, with Denmark's Novo Nordisk refraining from making an increased offer.
Metsera said late on Friday that Pfizer will pay up to $86.25 per share, consisting of $65.60 per share in cash and a contingent value right (CVR) entitling holders to additional payments of up to $20.65 per share in cash.

Pfizer had originally offered $47.50 per share in cash, representing an enterprise value of about $4.9bn.

Metsera - which had previously deemed the offer from Novo Nordisk to be superior - cited anti-trust risks and said its board of directors had determined that the revised terms from Pfizer represented the best transaction for shareholders, "both from the perspective of value and certainty of closing".

"In addition, in light of recent circumstances, including the receipt by Metsera of a call from the US Federal Trade Commission regarding potential risks from proceeding with the proposed Novo Nordisk structure under US antitrust laws, the Metsera board of directors has further determined that the transaction proposed by Novo Nordisk presents unacceptably high legal and regulatory risks to Metsera and its stockholders compared to the proposed merger with Pfizer, including risks that the initial dividend may never be paid or may be subsequently challenged or rescinded," it said.

Metsera said it remains committed to the merger with Pfizer, which it believes will deliver "immediate and substantial" value to shareholders.

For its part, Novo Nordisk confirmed on Sunday that it was not planning on increasing its offer.

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