Pfizer sues Metsera, Novo in effort to enforce buyout deal

Core Viewpoint - Pfizer is suing Metsera and Novo Nordisk over a dispute regarding the rights to an emerging obesity drug developer, escalating tensions between the pharmaceutical companies [1][2]. Group 1: Legal Proceedings - Pfizer has initiated legal action against Metsera and Novo in Delaware Court of Chancery, alleging that Novo's bid violates the terms of a buyout deal agreed upon in September [2][3]. - The lawsuit claims that Novo and Metsera's board breached the original deal and fiduciary duties, and seeks to temporarily block Metsera from terminating its contract with Pfizer during the legal proceedings [3][4]. Group 2: Acquisition Details - Pfizer made a $4.9 billion upfront bid for Metsera on September 22, aiming to secure a leading position in the obesity drug market, which Metsera accepted after discussions with multiple bidders [5]. - Novo submitted a competing offer that included a large upfront cash payment for half of Metsera's shares, designed to mitigate regulatory risks, which Metsera initially rejected [6]. - Novo's revised proposal, worth $6.5 billion upfront and potentially up to $9 billion overall, includes provisions for immediate cash payments to Metsera shareholders, qualifying it as a "superior company proposal" under the original deal terms [6].