Novo Nordisk rises in Copenhagen, withdraws from billion-dollar tender for Metsera

(Il Sole 24 Ore Radiocor)- A positive start to the week for Novo Nordisk on the Copenhagen Stock Exchange, which seems to have welcomed with relief the Danish pharmaceutical group's withdrawal from theb>billion-dollar tender for the acquisition of Metsera, which was therefore won by US-based Pfizer. Cooling market sentiment somewhat, however, was the lowering of the price target decided by some analysts. On Friday evening, Metsera accepted a revised and improved offer from Pfizer of USD 10 billion, citing the risks posed by US antitrust legislation to Novo's bid, to which it had previously given preference. The Danish group specialising in the treatment of obesity announced its withdrawal from the race on Saturday. The victory in the bidding war gives Pfizer access to the lucrativeobesity drug market, although Metsera's treatments are not expected to reach the market for several years. For its part, Novo Nordisk wanted to widen its grip on the loss drug sector to cope with increasing competition from Eli Lilly and had therefore engaged in a billion-dollar duel to acquire Metsera. Other announcements concern the Danish group. Starting with the partnership with the Indian company Emcure Pharmaceuticals for the launch of Poviztra, a 2.4 milligram semaglutide injection for weight loss, in India, the world's most populous country. The product will be marketed under a different brand name from the flagship drug Wegovy, which was introduced in India in June, and its price has not yet been announced. The partnership follows similar initiatives, such as Eli Lilly's recent agreement with Cipla. On the governance front, the Norwegian oil fund, managed by Norges Bank Investment Management, announced that it will abstain from voting at Novo Nordisk's extraordinary general meeting, scheduled for 14 November and convened to elect a new board of directors. The proposal submitted to the meeting includes significant changes, with five new appointments: chairman Lars Rebien Soerensen, vice chairman Cees de Jong, and members Britt Meelby Jensen, Mikael Dolsten and Stephan Engels. According to available data, Norges Bank Investment Management is the fifth largest shareholder in Novo Nordisk, with 1.80% of the share capital and 0.57% of the voting rights. Some analysts, meanwhile, made unfavourable valuation decisions for the group. Morgan Stanley lowered its price target for Novo Nordisk shares to DKK 280, down from the previous 300, while maintaining an 'underweight' rating. Bnp Paribas Exane lowered its price target for Novo Nordisk from DKK 375 to DKK 315. The 'neutral' recommendation remains unchanged.