Danish pharmaceutical giant Novo Nordisk (NOVOb.CO) saw its shares rise after withdrawing its bid for US weight-loss drug company Metsera. The company’s shares were trading up 2.9% as of 08:01 GMT Monday morning.
This decision comes after Pfizer (PFE.N) announced late Friday that it had acquired Metsera in a $10 billion deal.
Thus, Pfizer won the bidding war against Novo Nordisk. Novo Nordisk, the manufacturer of the popular weight-loss drug Wegovy, is trying to maintain its market share against its rapidly growing US rival Eli Lilly (LLY.N). However, Metsera’s withdrawal from the race may cause Novo to reassess its strategic direction in the short term. Analysts say this development has boosted investor confidence and will direct the company’s resources towards new clinical trials and expanding its existing drug portfolio. Furthermore, Wegovy’s increasing global popularity supports Novo’s long-term growth potential.This development, along with the rise in Novo Nordisk’s shares, reflects investors’ confidence in the company’s strategic flexibility and ability to maintain financial discipline.
