Metsera (MTSR) called Pfizer‘s (PFE) claims “nonsense” in a follow-up Monday to Pfizer’s lawsuit against Metsera and Novo Nordisk (NVO) over their proposed merger.
The company’s statement is the most recent salvo in a battle that began last week when Novo made an unsolicited $6.5 billion bid to buy Metsera. Metsera, an obesity-focused biotech company, had already agreed to a smaller $4.9 billion deal with Pfizer.
Pfizer is suing the duo, claiming Novo is trying to stamp out competition in the weight-loss market by buying a smaller company with a promising suite of drugs. The pharma giant also claims Metsera breached its obligations under the takeover deal with Pfizer. Pfizer further suggested any deal with Novo is likely to face significant regulatory risk.
“Pfizer is trying to litigate its way to buying Metsera for a lower price than Novo Nordisk,” Metsera said in a statement. “Metsera’s board of directors will continue to stand firm on behalf of shareholders and patients. Pfizer’s litigation arguments are nonsense, and Metsera will address them in court.
Pfizer shares closed roughly flat at 24.66, while Novo shares dipped less than 1% to 49.11. Metsera stock lost 3.7%, ending the regular session at 60.73.
Why Metsera Is Drawing Attention
For Novo Nordisk, buying Metsera could help stave off a sales decline as its biggest drugs face off with compounders and eventual drug-pricing regulations.
The company’s biggest moneymaker is semaglutide, the chemical backbone behind weight-loss drug Wegovy and type 2 diabetes treatment Ozempic. Though the drugs are no longer in shortage, compounders are still making knockoff versions through a loophole that allows them to make personalized dosages.
Meanwhile, the Centers for Medicare and Medicaid Services will soon negotiate the price of Ozempic under the Inflation Reduction Act. The law allows Medicare officials to cut the prices of a group of high-priced drugs each year.
For Pfizer, Metsera would offer another bite at the weight-loss apple. Pfizer has had several high-profile setbacks for its own internal efforts, which have largely been plagued by liver problems. The company still has early-stage obesity treatment efforts in its pipeline.
Follow Allison Gatlin on X/Twitter at @AGatlin_IBD.
YOU MAY ALSO LIKE:
Highly Watched TG Therapeutics Smashes Profit Views — But There’s A Caveat
How Idexx Laboratories Shook Off Bears And Hit A Record
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists
IBD Stock Of The Day: See How To Find, Track And Buy The Best Stocks
