Pfizer made good on its threats by filing a lawsuit against Metsera and Novo Nordisk in a mergers and acquisitions bidding war for the obesity-focused biotech.
This follows Novo Nordisk’s last-minute interception of Pfizer’s September 2025 acquisition deal for the New York-based biotech, which could see Pfizer pay up to $7.3 billion for the rights to Metsera.
Through its counteroffer, Novo Nordisk exceeded that value by offering Metsera up to $9 billion, which the biotech deemed a “superior business proposition.”
The lawsuit, filed in Delaware Chancery Court, alleges that Novo Nordisk and Metsera violated the contractual merger agreement, citing “breach of contract, breach of fiduciary duty and tortious interference.”
Pfizer filed additional complaints against Novo Nordisk in its lawsuit announcement, alleging that the Danish pharmaceutical company’s offer to acquire Metsera is an “unlawful attempt by a company with a dominant market position to suppress competition” in the area of obesity, since Novo Nordisk currently holds a dominant market position in that segment.
Pfizer refuted Metsera’s claims that Novo Nordisk’s proposal was superior, noting that it “cannot be characterized as superior” to its deal with Metsera as part of the merger deal. In Pfizer’s view, this is because the Novo Nordisk transaction is unlikely to be completed due to the regulatory risk associated with it.
In a statement released Oct. 31, Metsera said it “disagrees with the allegations contained in Pfizer’s complaint,” adding that the company will respond to them in court.
Despite its sour feelings toward the obesity biotech, Pfizer plans to move forward with the acquisition, which could be ready to close after a Nov. 13 Metsera shareholder meeting.
In an effort to block further debate on this issue, Pfizer also filed a petition in the Court of Chancery seeking a temporary restraining order against Metsera to prevent the biotech from terminating the merger agreement, which Pfizer said would give it “time to be heard on this important issue.”
Despite Novo Nordisk’s attempt to intercept Pfizer’s deal with Metsera, it appears the latter could prevail as the US Federal Trade Commission granted an early end to the waiting period for the New York pharmaceutical company’s pending acquisition.
This back-and-forth comes at a time when Pfizer wants to make a name for itself in the metabolic health sector, which GlobalData estimates will be worth $206.5 billion in 2031, up from $12.3 billion in 2021.
GlobalData is the parent company of Pharmaceutical technology.
