Antitrust Legal War Erupts as Novo's $9B Metsera Bid Faces Pfizer Blockade

Novo Nordisk, the Danish pharmaceutical giant dominating the weight-loss drug market with its blockbuster Wegovy and Ozempic, faces a dual battle as it seeks to solidify its leadership amid legal challenges and revised financial forecasts. The company's proposed $9 billion acquisition of biotech firm Metsera has drawn intense scrutiny, with Pfizer filing two lawsuits alleging anticompetitive practices and breach of contract, according to a PharmExec article. These legal actions, which include claims under the Sherman and Clayton Acts, aim to block Novo's bid and enforce Pfizer's original $7.3 billion offer for Metsera, as reported by Seeking Alpha.

Pfizer argues that Novo Nordisk's structure is designed to delay Metsera's entry into the GLP-1 drug market, stifling competition and protecting its own market share, according to a Yahoo News story. The lawsuit claims the Danish firm's upfront payment of $6.5 billion to Metsera—before regulatory approval—ties the company to restrictive covenants that could hinder its clinical progress. Novo, however, has dismissed the allegations as "baseless," asserting compliance with the Pfizer merger agreement and confidence in the transaction's antitrust compliance, according to Global Banking & Finance. Metsera's board has similarly rejected Pfizer's claims, accusing Pfizer of attempting to "litigate its way to a lower price."

The legal tussle underscores the high stakes in the obesity drug sector, where analysts project annual revenues could reach $150 billion within a few years. Novo's proposed takeover of Metsera would bolster its pipeline with experimental therapies potentially generating $5 billion in sales. Meanwhile, Pfizer's own entry into the market hinges on acquiring Metsera to develop weight-loss treatments, a strategic pivot as it navigates patent expirations and declining revenue from older products.

Financially, Novo Nordisk reported strong third-quarter results, with a 15% sales increase and 10% operating profit growth for the first nine months of 2025, according to its Q3 2025 earnings highlights. However, the company revised its full-year guidance downward, citing intensified competition and pricing pressures. Sales growth is now expected at 8–11% (constant exchange rates), with operating profit growth at 4–7%—a narrowing from prior forecasts, per a BioSpace press release. The revisions reflect challenges in the U.S. market, where compounded GLP-1 products and regulatory headwinds, including the Inflation Reduction Act's price controls, are squeezing margins, according to GuruFocus.

To offset these pressures, Novo is streamlining operations through a $8 billion annual cost-cutting initiative and workforce reductions of 9,000 globally, as noted in its Q3 2025 earnings highlights. The company also announced new product launches, including the Wegovy pill and partnerships with retail giants Costco and Walmart to expand market access, according to an earnings call transcript. These moves aim to counter Novo's 9% market share loss in the diabetes and obesity sector over the past year, the company said in its earnings call transcript.

As the Metsera acquisition battle plays out in court, Novo Nordisk's ability to balance legal risks with strategic innovation will determine its continued dominance in a rapidly evolving market.