Pfizer has followed through on its threats, filing a lawsuit against both Metsera and Novo Nordisk during a M&A bidding war for the obesity-focused biotech.
This follows Novo Nordisk鈥檚 last-minute interception of Pfizer鈥檚 September 2025 acquisition deal for the New York-based biotech, which could see Pfizer pay up to $7.3bn for the rights to Metsera.
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Through its counter-offer, Novo Nordisk trumped this value, offering Metsera up to $9bn, which the biotech considered a 鈥渟uperior company proposal鈥�.
The lawsuit, filed in the Delaware Court of Chancery, alleges that Novo Nordisk and Metsera breached the contractual merger agreement, claiming 鈥渂reach of contract, breach of fiduciary duty, and tortious interference鈥�.
Pfizer made additional claims against Novo Nordisk in its lawsuit announcement, alleging that the Danish pharma鈥檚 acquisition offer of Metsera is an 鈥渋llegal attempt by a company with a dominant market position to suppress competition鈥� in the obesity field, as Novo Nordisk currently holds a dominant market position in this segment.
Pfizer refuted Metsera鈥檚 claims that Novo Nordisk鈥檚 proposal was superior, noting that it 鈥渃annot qualify as superior鈥� relative to its deal with Metsera under the merger agreement. In Pfizer鈥檚 eyes, this is because Novo Nordisk鈥檚 transaction is unlikely to be completed due to the regulatory risk associated with it.
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By GlobalDataIn a statement released on 31 October, Metsera noted that it 鈥渄isagrees with the allegations in Pfizer鈥檚 complaint鈥�, adding that the company will address them in court.
Metsera鈥檚 future up in the air
Despite its souring sentiments toward the obesity biotech, Pfizer plans to soldier on with the acquisition, which could be ready to complete following a Metsera stockholder meeting on 13 November.
In an attempt to block any further discourse on this matter, Pfizer has also filed a motion with the Court of Chancery to request a temporary restraining order on Metsera to block the biotech from terminating the merger agreement, which Pfizer noted would give it 鈥渢ime to be heard on this important matter鈥�.
Despite Novo Nordisk鈥檚 attempt to intercept Pfizer鈥檚 deal with Metsera, it appears that the latter may prevail, as the US Federal Trade Commission granted early termination of the waiting period to the New York pharma鈥檚 pending acquisition.
Obesity market spikes big pharma interest
This back-and-forth comes at a time when Pfizer is keen to make its name in the metabolic health sector, which GlobalData forecasts will be worth 鈥� up from $12.3bn in 2021.
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Currently, glucagon-like peptide-1 receptor agonists (GLP-1RAs) are consistently delivering high sales performance, with Eli Lilly鈥檚 star type 2 diabetes and obesity assets, Mounjaro and Zepbound (tirzepatide), bringing in $6.5bn and $3.6bn in Q3 alone 鈥� surpassing analyst expectations and raising the company鈥檚 projected revenue ceiling for this financial year.
Novo Nordisk and Eli Lilly have been the two key players in this segment, fighting for market share with their best-selling injectable GLP-1RAs, Wegovy (semaglutide) and Zepbound.
However, Pfizer has been looking to jump on the obesity bandwagon, having developed its own assets to compete with both Lilly and Novo Nordisk鈥檚 marketed therapies.
Despite its efforts to develop an oral GLP-1RA, Pfizer had to , danuglipron, after the medication caused a drug-induced liver injury in a Phase IIa trial.
If Pfizer鈥檚 acquisition of Metsera is completed, the big pharma will claim Metsera鈥檚 range of obesity assets, including monthly GLP-1RA, MET-097i, which recently in a Phase IIb trial.
Alongside its next-generation injectable portfolio, Metsera could offer Pfizer another chance at commercialising an oral obesity drug, as the company鈥檚 MET-224o pill is currently in Phase I trials.
