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Novo Nordisk Says It Is Targeting Acquisitions Larger Than $10 Billion After Losing Metsera Bid to Pfizer
Novo Nordisk’s CFO said the company has the balance sheet to pursue bigger acquisitions but is constrained by the availability of suitable assets. The Danish drugmaker lost a messy bidding war for the weight-loss drug startup last year that included dueling lawsuits. Novo Nordisk briefly became Europe’s most valuable company before its shares slid amid competition from Eli Lilly.
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Novo Nordisk lost out to Pfizer on the $10 billion bidding war for weight-loss drug startup Metsera. Pfizer outbid Novo Nordisk for Metsera in a messy M&A fight last year that involved dueling lawsuits and anticompetitive claims. After the defeat, Novo Nordisk’s CFO said the company is now hunting for even bigger deals.
Knudsen added that Novo Nordisk has the balance sheet to go at bigger deals than Metsera should that be an option. He told Semafor that the availability of quality assets that fit Novo Nordisk’s strategy and are for sale is the limiting factor for deals. The company was briefly Europe’s most valuable company.
Novo Nordisk’s shares have slid sharply as Eli Lilly has put up a tough fight. Novo Nordisk replaced its CEO last summer. It has seen success lately with its GLP-1 pill, where it was first to market.
Eli Lilly has spent billions over the last two years acquiring companies in genetics medicines, sleep disorders, and cancer. Both companies are using windfalls from the weight-loss drug race to hedge their bets through acquisitions.
The article appeared on May 7, 2026 at 1:35pm EDT and was written by Rohan Goswami.
