Mergers and acquisitions are a spectator sport. You couldn’t hope for a better match to watch than the competition between Pfizer and Novo Nordisk over Metsera, a rollup of several experimental weight loss drugs founded three years ago. It had political intrigue, Big Pharma gamesmanship, and suspense, until Pfizer triumphed with a $10 billion offer.
But beyond Pfizer getting an obesity pipeline, what does it all mean?
Well, several venture funds stand to make big profits, with Population Health Partners and ARCH Venture Partners each pocketing more than $1 billion from the deal. That likely only increases the appetite of biotech investors to bet on the next thing. But keep in mind the deal offers some lessons that could — or perhaps should — instill some caution.
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