On Thursday, Metsera Inc. (NASDAQ:MTSR) received an unsolicited acquisition proposal from Novo Nordisk A/S (NYSE:NVO).

Metsera said the proposal constitutes a “Superior Company Proposal” as defined in Metsera’s existing Merger Agreement with Pfizer Inc (NYSE:PFE).

In September, Pfizer agreed to acquire Metsera for $47.50 per share in cash, representing an enterprise value of approximately $4.9 billion.

The acquisition brings a portfolio of differentiated oral and injectable incretin, non-incretin, and combination therapy candidates.

Novo Nordisk’s proposal is structured in two steps.

In the first step, immediately following the signing of a definitive agreement, Novo Nordisk would pay Metsera $56.50 per share in cash, as well as certain amounts related to Metsera employee equity and transaction expenses.

In exchange, ...