Metsera Tumbles After Novo Pulls Out of Bidding War With Pfizer

Metsera Inc. shares tumbled after Novo Nordisk A/S declined to further raise its offer for the US maker of an experimental weight-loss drug, bringing a bidding war with Pfizer Inc. to an end.

The shares slumped as much as 16% to $70.12 in US premarket trading. The stock more than quadrupled from its January initial public offering through Friday’s close.