M&A Slips Into Hyperdrive Mode
M&A activity appears to have slipped into hyperdrive mode recently and biotech M&A activity appears to be leading the way. We saw 26 new deals worth $112 billion announced just in the month of October. And the month ended with a bang. The $4.9 billion acquisition of obesity therapy company Metsera (MTSR) by Pfizer (PFE) ran into turbulence when Novo (NVO) showed up with a higher offer. Metsera gave Pfizer just four days to respond and Pfizer in turn sued both the company and its board of directors. We will cover the deal in more detail in our next Merger Arbitrage Mondays article.