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Pfizersaid on Friday it had filed alawsuitagainstMetseraand Novo Nordisk sayingMetserabreached its merger agreement obligations in declaring the Danish drugmaker’s$8.5 billionbid for the U.S. obesity drug developer to be a superior offer.
Pfizerasked the Delaware court where it filed thelawsuitto issue a temporary restraining order to blockMetserafrom terminating the agreement. Thelawsuitwas not immediately available in the court’s electronic filing system.
Metserahas givenPfizeruntil Tuesday to raise its offer.
Pfizersaid its suit says that Novo’s bid is an illegal attempt by a dominant company in the market to bypass antitrust scrutiny and carries significant regulatory risks.
The legal action comes asPfizerreceived early antitrustclearancefor its proposed $7.3 billion acquisition ofMetserafrom the U.S. Federal Trade Commission. It granted early termination of the waiting period under the Hart-Scott-Rodino Act, more than a week ahead of the November 7 deadline.
Pfizer, which does not currently sell a weight-loss drug, is trying to enter the fast-growing obesity market projected to reach $150 billion by the early 2030s.
The company has faced setbacks in developing its own treatments and is looking to offset falling COVID-related revenue and looming patent expirations.
Novo Nordisk, maker of Wegovy and Ozempic, is seeking to regain ground lost to Eli Lilly, whose drugs Zepbound and Mounjaro have shown stronger clinical results.
Metsera’s pipeline includes experimental GLP-1 and amylin-based therapies that analysts say could generate $5 billion in peak sales.
Metseraand Novo did not immediately reply to Reuters’ requests for comment.
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