STAT+: Pfizer sues Novo Nordisk, Metsera for breach of merger agreement
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Pfizer said Friday it\u2019s suing Novo Nordisk and obesity biotech Metsera, a day after Novo set off a bidding war<\/a> against Pfizer to acquire Metsera.<\/p>\n A month ago, Pfizer said<\/a> that it would acquire Metsera for $4.9 billion. But Novo on Thursday launched a takeover bid valuing the biotech at around $6 billion, triggering a deadline of four business days for Pfizer to renegotiate its offer. Pfizer is now seeking a temporary restraining order to block Metsera from terminating its merger agreement.<\/p>\n The lawsuit, filed in the Delaware Court of Chancery, alleges that Novo\u2019s offer cannot qualify as a superior proposal since it\u2019s not reasonably likely to be completed due to its significant regulatory risk. It \u201cis an illegal attempt by a company with a dominant market position to suppress competition and uses an unprecedented structure designed to deliberately evade antitrust review,\u201d Pfizer said in a statement.<\/p>\n Continue to STAT+ to read the full story\u2026<\/a><\/p>\n<\/div>\n