Pfizer Files Lawsuit Against Metsera for Contract Breach Amid Obesity Drug Market Struggle

Pfizer has launched a legal battle against Metsera, accusing it of breaching merger agreement obligations after Metsera considered Novo Nordisk's $8.5 billion offer superior. The lawsuit, filed in Delaware, aims to block Metsera from ending the agreement. Pfizer also seeks a temporary restraining order, with a shareholder vote slated for November 13.

This legal move coincides with Pfizer receiving early antitrust clearance from the U.S. Federal Trade Commission for its proposed $7.3 billion takeover of Metsera, ending the Hart-Scott-Rodino Act waiting period early. Novo Nordisk, facing declining market share, and Pfizer are racing for dominance in the obesity drug sector estimated at $150 billion.

Pfizer criticizes Novo's proposal, citing potential regulatory breaches, and stresses its role as a major U.S. corporation versus Novo's foreign presence, potentially prompting CFIUS scrutiny. The lawsuit could reshape the competitive landscape and has implications beyond the immediate parties.