Pfizer Plans to Sue Novo Nordisk for Metsera

Pfizer plans to file a lawsuit following the low offer made by Danish drugmaker Novo Nordisk for the U.S.-based obesity biotechnology firm Metsera. This information was included in a report published by Semafor.

Pfizer is expected to claim that Novo Nordisk's offer is not better than the $7 billion deal Pfizer agreed upon, along with regulatory approvals. Novo Nordisk made a rival offer that includes a $6 billion upfront payment and milestone payments, reaching up to $8.5 billion. Pfizer's offer includes milestone payments with a deal of $7.3 billion.

Pfizer's acquisition attempt represents a delay in entering the $150 billion weight-loss drug market. After abandoning its efforts to produce weight-loss drugs, the company positions itself as a national champion alongside Metsera and characterizes Novo Nordisk's offer as an attempt by a foreign company to eliminate competition.

Pfizer stated, "This is an attempt by a company with a dominant position in the market to violate the law to defeat a new American competitor."

Novo Nordisk has disrupted Pfizer's plans as the producer of successful weight-loss drug Wegovy and diabetes medication Ozempic. Metsera's board considered the previous two-stage offer to be riskier despite being higher.

The Wall Street Journal also reported that Metsera was in private discussions with Bristol-Myers Squibb before the current bidding war erupted.