The Story of Money
Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs
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Show notes
Pharma juggernauts Pfizer and Novo Nordisk are struggling in the obesity drug race.The two companies are searching for their next moneymaker, and that search recently spun out into a ferocious, multibillion-dollar battle for control of biotech start-up Metsera. The FT’s US deals and activism correspondent Oliver Barnes walks through the tussle that’s involved lawsuits, public barbs and political drama.
Clips from CNBC, Pfizer, Yahoo Finance
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For further reading and listening:
Weight-loss wars: $10bn hostile battle pits Pfizer against Novo Nordisk
Pfizer shows hardball mettle needed to win in 2025 M&A
There is only one winner in the Pfizer Novo Nordisk showdown
Ozempic’s unconventional origins
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Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here.
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Follow Oliver Barnes on X (@mroliverbarnes), or on Bluesky (@mroliverbarnes.bsky.social) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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