Pfizer Sues to Block Novo Nordisk's Metsera Takeover Bid
Pfizer has filed a lawsuit to block a rival, higher bid for obesity therapy developer Metsera from Novo Nordisk, claiming it is anti-competitive.
Pfizer has filed a lawsuit against Novo Nordisk and Metsera in an attempt to force through its takeover of the weight-loss drug developer and prevent Novo Nordisk from taking its rival bid forward.
- The lawsuit – filed in the Delaware Court of Chancery – is claiming "breach of contract, breach of fiduciary duty, and tortious interference" as a result of Novo Nordisk's unsolicited offer for Metsera.
- Novo Nordisk's bid of up to $9 billion is attempting to break an already-agreed September deal between Pfizer and Metsera's board that would have a value of up to $7.3 billion.
As Pfizer launched its legal opposition, the company also confirmed that its deal had been cleared by the US financial regulator, the Federal Trade Commission, around a week earlier than expected.
Pfizer claims Novo Nordisk's bid is anti-competitive.
Author's summary: Pfizer sues Novo Nordisk over Metsera bid. Pfizer filed lawsuit to block rival bid.