Pfizer vs. Novo Nordisk: Antitrust Battle over Metsera Deal
Pfizer has accused Novo Nordisk of using its $9 billion bid for biotech company Metsera to stall a merger, suppress competition, and maintain its dominance in the obesity drug market. Pfizer previously agreed to acquire Metsera for $7.3 billion and alleges Novo is strategically blocking their acquisition efforts.
On Monday, Pfizer filed an antitrust lawsuit against Danish pharmaceutical company Novo Nordisk, alleging that Novo's $9 billion bid for biotech firm Metsera is a calculated move to hinder competition in the obesity drug sector. Pfizer had earlier agreed to a $7.3 billion acquisition of Metsera, which is developing a promising new obesity drug.
Metsera's board has sided with Novo, declaring their proposal superior and giving Pfizer a short deadline to improve its offer. The Delaware court received a plea from Metsera urging the denial of Pfizer's request for a temporary restraining order to block Novo's bid, highlighting Pfizer's delayed action despite being aware of the offer.
The lawsuit contends that Novo's offer, which includes a substantial upfront payment, aims to halt Metsera's progress in advancing its obesity medication. This legal wrangle unfolds as Pfizer looks to enter a lucrative market, projected to reach $150 billion annually, and withstand diminishing COVID-era revenues.
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