Pfizer filed a second lawsuit on November 3, 2025, in the United States District Court for the District of Delaware, targeting Metsera Inc. and its controlling shareholder Novo Nordisk ASA. The suit alleges that Novo Nordisk engaged in anticompetitive conduct to protect its dominant position in the GLP‑1 drug market and to prevent Pfizer from acquiring Metsera at a price lower than Pfizer’s offer.
The lawsuit is part of a broader bidding war between Pfizer and Novo Nordisk for Metsera. Pfizer had previously agreed to acquire Metsera for up to $7.3 billion, consisting of $4.9 billion in cash and $2.4 billion in milestone payments. Novo Nordisk’s unsolicited proposal values the company at up to $9 billion, comprising $6.5 billion in cash and up to $2.5 billion in contingent value rights tied to milestones.
Metsera’s board has described Novo Nordisk’s offer as a “Superior Company Proposal.” The company’s pipeline includes the GLP‑1 receptor agonist MET‑097i and an oral formulation, which are central to the competitive landscape for obesity and metabolic disease treatments. The lawsuit claims that Novo Nordisk’s bid seeks to stifle competition and maintain its market share in GLP‑1 drugs.
Metsera’s financial performance in the second quarter of 2025 showed a net loss of $68.72 million and an earnings per share of –$0.66, beating analyst expectations of –$0.68. The company has not issued guidance for the third quarter, but its Q2 results reflect ongoing investment in its pipeline. The legal action could delay the acquisition process and affect shareholder value for both companies.
The Federal Trade Commission has concluded its early review of Pfizer’s acquisition of Metsera, finding no significant antitrust concerns and allowing the deal to proceed. The lawsuit therefore represents a new legal hurdle that could influence the timing and structure of the transaction.
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