Pfizer Receives Early U.S. Antitrust Clearance for Metsera Acquisition
Pfizer has received early U.S. antitrust clearance more than a week ahead of schedule for its proposed $7.3 billion acquisition of Metsera. This acquisition has been put in question by Novo Nordisk’s higher $8.5 billion offer.
Metsera has deemed Novo’s offer as superior and has given Pfizer until Tuesday to increase its bid.
The U.S. Federal Trade Commission has granted early termination of the waiting period required under the Hart-Scott-Rodino Act, which governs antitrust reviews. The original waiting period was set to expire on November 7, Pfizer announced on Friday.
This clearance allows Pfizer to proceed with its planned purchase of Metsera without further antitrust review from U.S. regulators. Shareholders of Metsera are scheduled to vote on the deal on November 13.
Pfizer has criticized Danish drugmaker Novo, accusing them of attempting to stifle competition by acquiring an emerging American challenger in the rapidly growing obesity drug market. Pfizer labeled Novo’s bid as “reckless” and claimed it was designed to avoid regulatory scrutiny.
Novo Nordisk, known for products like Wegovy and Ozempic, offered up to $8.5 billion for Metsera, including a $6 billion upfront payment.
Pfizer’s acquisition of Metsera is part of its strategy to enter the $150 billion obesity drug market as it seeks to counteract declining revenues related to COVID-19 and impending patent expirations. Despite facing challenges in developing its own weight-loss treatments, Pfizer does not currently offer one.
Reporting by Kamal Choudhury, Christy Santhosh, and Siddhi Mahatole in Bengaluru; Editing by Shilpi Majumdar
