Pfizer considers suing Metsera, Novo over topping bid - report

Alexandros Michailidis

Pfizer (PFE [https://seekingalpha.com/symbol/PFE]) is considering suing Metsera (MTSR [https://seekingalpha.com/symbol/MTSR]) and potentially Novo Nordisk (NVO [https://seekingalpha.com/symbol/NVO]) after the Danish drugmaker topped Pfizer's offer.

Pfizer (PFE [https://seekingalpha.com/symbol/PFE]) argues that the structure of the deal skirts regulatory approvals and was previously rejected by Metsera (MTSR [https://seekingalpha.com/symbol/MTSR]) as being too risky, according to a Semafor report [https://www.semafor.com/article/10/30/2025/pfizer-mulls-suing-metsera-novo-over-topping-bid] on Thursday, which cited a person familiar with the matter.

Pfizer earlier called the bid " an attempt by a company with a dominant market position to suppress competition in violation of law by taking over an emerging American challenger," the drugmaker said in a statement on Thursday. "It is also structured in a way to circumvent antitrust laws and carries substantial regulatory and executional risk,

A potential lawsuit comes after Metsera (MTSR [https://seekingalpha.com/symbol/MTSR]) earlier confirmed receipt of an unsolicited buyout proposal f [https://seekingalpha.com/news/4511069-metsera-says-novo-nordisks-9b-buyout-offer-superior-pfizer-calls-bid-illusory]rom Novo Nordisk (NVO [https://seekingalpha.com/symbol/NVO]), declaring the bid as a “superior” offer.

Novo Nordisk’s offer values Metsera at up to $77.75 a share, a total of ~$9 billion, representing an approximate 133% premium to Metsera's closing price as of September 19, 2025, the last trading day before the Pfizer transaction was announced.

MORE ON METSERA, NOVO NORDISK, ETC.

* Metsera Becomes The Prize In Obesity's Biggest Bidding War [https://seekingalpha.com/article/4835591-metsera-becomes-the-prize-in-obesity-biggest-bidding-war]
* Novo Nordisk: Decade-Low Valuation Meets A Billion-Patient Market [https://seekingalpha.com/article/4833234-novo-nordisk-stock-decade-low-valuation-meets-billion-patient-market]
* Why Pfizer's Headwinds May Already Be In The Price [https://seekingalpha.com/article/4833169-why-pfizers-headwinds-may-already-be-in-the-price]
* Metsera says Novo Nordisk’s $9B buyout offer “superior”; Pfizer calls bid “illusory” [https://seekingalpha.com/news/4511069-metsera-says-novo-nordisks-9b-buyout-offer-superior-pfizer-calls-bid-illusory]
* FDA looks to bring cheaper biosimilar drugs to market faster [https://seekingalpha.com/news/4510628-fda-looks-to-bring-cheaper-biosimilar-drugs-to-market-faster]