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Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Metsera announced on Nov. 4 that it received a revised $86.20 bid from Novo that is worth about $10B.
That tops the $70 per-share bid ($8.1B) that is already accepted from Pfizer. Metsera informed Pfizer it considers Novo's offer a “superior company proposal,” which gives Pfizer two days to up the ante.
Pfizer CEO Albert Bourla said in a conference call that Nova's bid is “illusory” because it violates antitrust law and there is a high risk it will never be consummated.
Novo (maker of Ozempic & Wegovy) ranks behind Eli Lilly (Mounjaro & Zepbound) in the weight-loss drug derby. Pfizer is eager to break into the field via the takeover of Metsera.
Teneo’s TJ White (a veteran of Sloane & Co and Sard Verbinnen) handles the Metsera business in his post as senior managing director in the transactions & strategic situations practice.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
