Novo Nordisk shares rise after dropping Metsera bid

COPENHAGEN (Reuters) -Shares in Novo Nordisk rose in early ‌trade on Monday, after the Wegovy-maker on ‌Saturday dropped its bid for U.S. weight loss drug company Metsera, ending a bidding war with rival Pfizer.

Novo’s shares ⁠traded 2.‌9% higher at 0801 GMT.

U.S. drugmaker Pfizer said late ‍on Friday it had clinched a $10 billion deal for Metsera, in a blow to Novo ​as the Danish group tries to ‌claw back lost ground against U.S. rival Eli Lilly.

Metsera accepted a sweetened offer from Pfizer late on Friday, citing U.S. antitrust risks in Novo’⁠s bid that it had ​previously called superior. ​The Danish obesity drug behemoth said on Saturday it would exit the race.

The ‍bidding war ⁠win hands Pfizer a way into the lucrative obesity drug market, even ⁠if Metsera’s treatments remain years from hitting the ‌market.

(Reporting by Stine Jacobsen, ‌editing by Terje Solsvik)