Overview
- Delaware Vice Chancellor Morgan Zurn denied Pfizer’s request for a temporary restraining order, declining to pause Novo Nordisk’s offer for Metsera.
- Metsera continues to deem Novo’s bid superior and set a short deadline for Pfizer to respond, with media reports indicating Pfizer may have matched the $10 billion price though no public confirmation was filed.
- FTC staff warned in a Nov. 4 letter that Novo’s two-step structure could violate the Hart‑Scott‑Rodino Act by transferring significant rights before premerger review and by restricting Metsera’s operations.
- Novo’s proposal includes a large upfront cash payment, issuance of non‑voting preferred stock for half the company, a special dividend, contingent value rights, and a 30‑month outside date.
- Pfizer has pursued parallel litigation and antitrust claims while both suitors escalate bids for Metsera’s next‑generation obesity drug pipeline.