Di Yi Cai Jing·2025-11-04 07:28Core Viewpoint - Novo Nordisk's dominance in the weight loss drug market is being challenged by Pfizer's legal actions, which allege anti-competitive behavior related to the acquisition of Metsera [1][3][5]. Group 1: Legal Actions and Allegations - Pfizer has filed a second lawsuit against Novo Nordisk, accusing it of attempting to acquire Metsera at a price higher than Pfizer's offer, which constitutes anti-competitive behavior [1]. - Pfizer claims that Novo Nordisk's offer is a strategic move to maintain its market share of semaglutide rather than a genuine interest in Metsera's drug pipeline [3]. - The lawsuit includes allegations that Novo Nordisk provided $6.5 billion in upfront payments to Metsera's shareholders before regulatory review, with restrictive clauses that could delay or obstruct new drug development [4]. Group 2: Market Dynamics and Financial Implications - The ongoing legal battle intensifies competition between Pfizer and Novo Nordisk over Metsera, which has a promising weight loss drug pipeline projected to generate $5 billion in annual revenue [5]. - Metsera has received seven acquisition offers since the beginning of the year, with Novo Nordisk's final bid valuing the company at $9 billion, exceeding Pfizer's offer by over $1 billion [5]. - Novo Nordisk's market position is expected to face further challenges as its core product, GLP-1 drug semaglutide, will lose patent protection in China by 2026, leading to the entry of numerous generics [5]. Group 3: Competitive Landscape - The weight loss drug market is becoming increasingly competitive, with major players like Eli Lilly, Roche, Amgen, and AstraZeneca also entering the field through research and acquisitions [7]. - In China, companies such as Innovent Biologics are beginning to establish their weight loss drug products, while several domestic firms are actively investing in this sector [7]. - Eli Lilly has reported strong performance in the weight loss drug market, with its GLP-1 drug contributing $24.837 billion in revenue in the first three quarters, surpassing Merck's leading cancer drug Keytruda [6].