Pfizer Files Second Suit to Block Novo Nordisk’s Bid for Metsera on Antitrust Grounds

Overview

• Pfizer filed a second lawsuit on Nov. 3 alleging Novo Nordisk’s attempt to outbid it for Metsera would unlawfully reduce competition in GLP-1 obesity drugs.
• The complaint asserts Novo aims to capture and eliminate a nascent U.S. competitor to protect its market position.
• Novo Nordisk says its proposal complies with the existing merger agreement and would not raise antitrust concerns, describing Pfizer’s claims as meritless.
• Metsera says it disagrees with Pfizer’s allegations after receiving Novo’s higher proposal, reported at up to $8.5 billion with $6 billion upfront.
• Pfizer agreed in September to acquire Metsera for up to $7.3 billion and also filed an earlier suit contending Novo’s bid is not reasonably likely to close.