Novo Execs Face Skeptical Analysts Amid Metsera Buyout Drama

Novo Nordisk launched an unsolicited bid of approximately $9 billion to acquire the obesity-focused biotech Metsera, directly challenging Pfizer's prior agreement to acquire the company for up to $7.3 billion1 2.

Pfizer responded aggressively, filing a lawsuit in the Delaware Court of Chancery against Metsera, Novo Nordisk, and Metsera's board for breach of contract and fiduciary duty, and for alleged tortious interference2 7.

Pfizer claims Novo's proposal involves an 'unprecedented structure' designed to evade antitrust review and that it constitutes an illegal move by a dominant market player to suppress competition1 2 7.

The U.S. Federal Trade Commission (FTC) has raised concerns that the structure of Novo’s offer may violate U.S. law, signaling potential regulatory hurdles for the deal5.

Novo Nordisk's CEO, Mike Doustdar, has publicly expressed confidence that the company will complete the Metsera acquisition, emphasizing strategic benefits for Novo's drug pipeline and pushing back against accusations that the bid reflects weakness in its existing obesity drug lineup3.

Novo Nordisk is undergoing major organizational changes under Doustdar, including substantial layoffs and an exit from cell therapy R&D, as the company seeks to bolster its obesity portfolio in response to slowing sales growth for its drug Wegovy2.

Analysts remain skeptical about Novo's deal-making strategy, citing high regulatory risk, escalation of legal disputes, and questions about the underlying strength of Novo's current product pipeline.