Pfizer acquires Myoceptic for $10 billion, dealing blow to Novo Nordisk

Pfizer secures a $10 billion acquisition of Myoceptic, undermining Novo Nordisk's strategy to compete with Eli Lilly in the weight-loss drug market.

American pharmaceutical company Pfizer has won the takeover bid for Myoceptic in a $10 billion deal, dealing a blow to Novo Nordisk. The Danish company had been vying to acquire Myoceptic to offset its losses against its American rival, Eli Lilly. Shares of Novo Nordisk, the maker of the weight-loss drug Wegovy, rose 2.9% in early Monday trading after the company dropped its offer for Myoceptic over the weekend, ending the bidding war with Pfizer.

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