Amid the rapidly unfolding saga revolving around Metsera, a judge has denied Pfizer’s request to block Novo Nordisk’s buyout bid for the biotech, Bloomberg reports.
Delaware Chancery Judge Morgan Zurn has refused to deliver a Pfizer-requested temporary restraining order, saying the pharma’s objections to the proposed deal weren’t a legitimate reason for stopping Novo’s offer, according to the publication.
While the ruling is a point in Novo’s favor, it comes on the heels of a U.S. Federal Trade Commission official writing that the Danish pharma’s current deal proposal for Metsera may violate procedural laws governing mergers, per a letter sent to Novo and Metsera lawyers.
“We agree with the court’s decision to deny Pfizer’s meritless claims and continue to believe our bid is in the best interest of the Metsera shareholders,” Ambre James-Brown, Novo’s vice president of global media and stakeholder communications, told Fierce Biotech.
Meanwhile, Pfizer has said it remains “confident” in the merits of its claims and its belief that Metsera is breaching its contractual obligations.
“Today’s decision does not address the merits of the underlying legal issues raised, and Pfizer intends to continue to pursue its claims vigorously through the ongoing litigation process as well as in its parallel antitrust litigation pending in Delaware federal court,” the pharma said in a Nov. 5 statement in response to the ruling.
“We are confident that Novo Nordisk’s unprecedented and illegal scheme to circumvent antitrust scrutiny will not stand,” Pfizer added.
Metsera has declined comment on the Delaware judgment.
Less than a week ago, news broke that Novo had attempted to one-up Pfizer and purchase Metsera, even though the latter two signed a buyout worth up to $7.3 billion in September.
The Wegovy-maker came in with a higher offer worth up to $9 billion.
Novo’s bid prompted Pfizer to file two lawsuits against Metsera and Novo Nordisk in the days that followed.
Also in recent days, Novo upped its offer to total a potential $10 billion for the biotech. Pfizer, showing a willingness to negotiate, also raised its offer to up to $8.1 billion. In a press release Tuesday, Metsera said it viewed Novo's updated offer as "superior."