"By contrast, Novo's weekly-injectable GLP-1 drug Wegovy is currently the top-selling obesity medication and the Denmark-based drugmaker has a broad pipeline of additional obesity drugs in various stages of development - many from other business deals. Last week, Novo Nordisk made an unsolicited $6.5 billion bid for Metsera, whose lead program is a longer-acting GLP-1 agonist with the potential for once-monthly dosing. Metsera said it would accept what Novo's offer, which it claims is a superior proposal."
"Pfizer argues that Novo's offer cannot qualify as superior under the terms of its merger deal with the biotech due to the significant antitrust risk. Metsera's regulatory filings regarding Pfizer's agreement noted that regulatory review of a Novo acquisition could take up to two years and the deal may not close at all. Pfizer said in its suit that these risks led Metsera's board to turn down a previous Novo offer and those risks remain unchanged."
Pfizer has obtained the required regulatory approvals for its $4.9 billion acquisition of Metsera and received early FTC clearance, highlighting a potential for a faster close due to Pfizer’s smaller metabolic medicines footprint. Pfizer filed lawsuits in Delaware alleging breach of contract, breach of fiduciary duty and tortious interference after Metsera accepted an unsolicited $6.5 billion bid from Novo Nordisk. Novo’s Wegovy is the top-selling obesity drug and Novo has an extensive obesity pipeline, creating antitrust concerns. Metsera’s filings warn regulatory review of a Novo acquisition could take up to two years and may not close.
Read at MedCity News
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