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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.
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