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Pfizer Slams Novo Nordisk’s $9 Billion Metsera Bid as Potential Antitrust Violation

By  |  October 31, 2025
Pfizer

Pfizer has accused Danish pharmaceutical company Novo Nordisk of engaging in anticompetitive behavior following Novo’s unsolicited $9 billion offer to acquire Metsera, a U.S.-based weight loss biotechnology firm. The move escalates tensions in the fast-growing obesity drug market, where both companies are vying for dominance.

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    According to a statement from Pfizer, the offer represents a “reckless and unprecedented” attempt by a dominant player to eliminate a potential rival. The company contends that Novo Nordisk’s proposal is structured to suppress competition in the biotechnology sector and could violate antitrust regulations.

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    Novo Nordisk’s proposal, which Metsera has described as a “Superior Company Proposal,” would pay shareholders $56.50 per share in cash, followed by up to an additional $21.25 per share through contingent value rights tied to development and regulatory milestones. The total value of the offer, up to $77.75 per share, represents a 133% premium to Metsera’s closing price before Pfizer’s original acquisition agreement was announced in September.

    Per a statement from Metsera, the company has formally notified Pfizer of the superior offer, triggering a four-business-day window in which Pfizer may renegotiate terms to match or exceed Novo’s bid. However, Pfizer has disputed Metsera’s right to issue such a notice, maintaining that its existing merger agreement remains binding and that the Metsera board continues to recommend approval of the original deal.

    Read more: AstraZeneca, Pfizer, and Sanovel Among 17 Drugmakers Fined by Turkish Regulator

    In its response, Pfizer argued that Novo Nordisk’s proposal poses “substantial regulatory and executional risk,” asserting that it was deliberately structured to bypass competition law scrutiny. The company added that Novo’s approach is “illusory” and fails to satisfy the conditions of a valid superior proposal under their agreement with Metsera. According to the same statement, Pfizer said it is prepared to pursue all available legal remedies to enforce its rights.

    The dispute centers on growing concerns about market concentration in the obesity treatment field. Novo Nordisk’s GLP-1 drugs, Wegovy and Ozempic, have dominated the market, while Pfizer’s move to acquire Metsera was seen as part of a strategy to strengthen its position in the weight loss drug race. Novo’s counteroffer threatens to upend that plan and has prompted Pfizer to raise alarms over potential antitrust implications.

    Source: Bioxconomy