Right. The cash up front is above the rNPV of the PFE deal, and only a few dollars below the rNPV of the NVO prior offer. Clearly a superior offer. Whether it ultimately meets regulatory and shareholder approval or not.
The unusual deal structure was also part of their final offer in September of $50/share upon signing plus a CVR. After Metsera suggested this rapid payment idea, NOVO dropped the amount from $56.50+CVR earlier in the month as part of a more traditional offer.
This new proposal restores the cash amount even with the expedited delivery and also changes the CVR amounts and milestone deadlines to very nearly the same as in the accepted Pfizer offer. With the CVR now essentially identical, the Metsera board had to conclude $56.50 in 2 weeks is superior to $47.50 on November 13 especially if shareholders can keep the dividend as well as half the company if the deal fails
Market Data 
Markets 
AI
