Pfizer files second lawsuit against Novo Nordisk, Metsera

Pfizer He said this on Monday filed the second lawsuit against Novo Nordisk And metseraIt claims the Danish drugmaker’s attempt to outbid Pfizer to acquire the obesity biotech was anti-competitive.

Pfizer claims Ozempic maker Novo Nordisk’s proposed acquisition of Metsera would help it maintain its dominant position in the blockbuster obesity market by eliminating a smaller potential rival, according to the lawsuit filed Monday in U.S. District Court in Delaware. The lawsuit also alleges that Metsera’s controlling shareholders conspired with the obesity biotech and Novo Nordisk.

“Pfizer’s baseless claims that Novo Nordisk plans to stifle innovation through our offering are false and without merit,” Ambre James Brown, Novo Nordisk’s vice president of global media, said in a statement Monday.

“Instead of competing on price, Pfizer took a highly unconventional and seemingly desperate approach in filing its antitrust lawsuit today,” Brown said. He added that Novo Nordisk’s offer, including the structure of the transaction, complies with all applicable laws and is in the “best interests” of patients and Metsera shareholders.

One expression“Pfizer is trying to file a lawsuit to acquire Metsera from Novo Nordisk at a lower price,” Metsera said. he said. The company added that Pfizer’s lawsuit arguments “are nonsense and Metsera will address them in court.”

The new lawsuit adds to a heated standoff between Pfizer and Novo Nordisk over Metsera, whose obesity line could create new rivals in the fast-growing weight-loss drug market. Pfizer said in September it would acquire Metsera for $4.9 billion, or up to $7.3 billion in future payments; This could be the company’s golden ticket to enter the space after struggling to bring its own obesity products to market.

But Novo Nordisk on Thursday launched a takeover bid valuing the biotech at about $6 billion, giving Pfizer four business days to renegotiate its offer. On Friday, Pfizer filed its first lawsuit against Novo Nordisk and Metsera, seeking to prevent the biotech company from terminating its existing merger agreement with Pfizer.

The lawsuit, filed in the Delaware Court of Chancery, alleges that Novo Nordisk’s offer cannot be considered a superior offer because it has an unreasonable likelihood of completion due to significant regulatory risk.

Novo Nordisk helped establish the weight-loss drugs space by bringing to market highly effective GLP-1 drugs, including the diabetes injection Ozempic and the obesity vaccine Wegovy. However, the company lost its leading position in the market to its chief rival. Eli Lillyhas struggled over the past year to impress investors with its pipeline.