Pfizer Argues Novo’s Bid Is a Legal Ambush
Jonathan M. Moses of Wachtell Lipton Rosen & Katz, representing Pfizer, warned that Novo’s latest offer amounted to an immediate breach of Pfizer’s existing agreement with Metsera.
“When Metsera accepts the Novo Nordisk bid, the damage is done at signing, not closing,” Moses told the court. “If there is no TRO by Thursday, Metsera will terminate its agreement with Pfizer and sign one with Novo.”
Moses further accused Novo of being “desperate” to block Pfizer from securing Metsera, claiming that Novo’s preferred-stock structure was engineered to shut out any future competing bidders.
Novo Fires Back: “Pfizer Just Doesn’t Want to Compete”
Novo’s counsel, Blair Connelly of Latham & Watkins LLP, countered that Pfizer’s request was premature and tactical, not legal.
“It’s clear Pfizer would prefer not to have to compete to buy this company,” Connelly argued. “They’ve availed themselves of their rights and are within the match period they agreed to.”
Both sides have so far declined to comment publicly, but the courtroom tension signals that this battle could reshape the multi-billion-dollar weight-loss drug industry.
