Pharma giant had to pay a blockbuster price to buy Metsera after the biotech prospect spurred an auction with Novo Nordisk

(Reuters) -Shares of Metsera fell over 15% in premarket trading on Monday, after the weight-loss drug developer accepted a sweetened offer from Pfizer to end a fierce bidding war between the pharma giant and Danish rival Novo Nordisk.

“No need for a reunion show: This seasons Real Housewives of Biopharma comes to a close with Pfizer’s winning bid for Metsera, following eight days of bidding, lawsuits, and a letter from the FTC,” quipped BMO Capital Markets analyst Evan Seigerman in a Sunday evening note.

Pfizer not only beat expectations last quarter, but also boosted its guidance.

Pfizer Inc. acquires Metsera, Inc., beating Novo Nordisk, for up to $86.25/share. Click for my analysis of the deal and what I see in store for PFE and MTSR stock.

At a price of up to $10 billion, Pfizer has claimed victory in its bidding war against Novo Nordisk to acquire Metsera. It's also taking on a lot of risk.

Pfizer's agreement to buy Metsera just adds to the 83 healthcare deals counted by Goldman Sachs that were above $100 million in value and announced this year. M&A, however, has not been enough for what the Goldman analysts say will be a third year of underperformance vs.