AP Wire
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Pfizer has signed a deal to purchase Metsera Inc., an obesity drugmaker in the development stage, after winning a bidding war against Novo Nordisk. Metsera, based in New York, is developing oral and injectable treatments for obesity and diabetes. On Friday, Metsera announced that Pfizer will acquire the company for up to $86.25 per share, including cash and contingent value rights. Metsera's board said it believes this deal offers the best value and certainty for shareholders. Novo Nordisk, which had increased its offer to $10 billion, announced on Saturday that it would not continue pursuing the acquisition.

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The Biden administration says Medicare recipients will save about $1.5 billion dollars on medications to for diabetes, heart disease, types of arthritis and other ailments under new prices negotiated with drug companies that will take effect in 2026. The savings range from 79% for Januvia, a drug to treat diabetes to 38% for Imbruvica, which is used to treat blood cancers. That is the medication’s cost before any discounts or rebates are applied, but not what the price people actually pay when filling their prescriptions.