As the GLP-1 gold rush enters its most aggressive phase, a bidding war for a small New York biotech has morphed into a live test of how deal terms can shape competition as much as science.
Pfizer has hauled Novo Nordisk and obesity-drug upstart Metsera into court, alleging that Novo’s higher offer for the biotech is less about closing a transaction and more about freezing a rival pipeline. In dueling filings in Delaware state and federal courts, Pfizer argues Novo structured its bid with a 30-month “outside date” and restrictive interim covenants that would slow Metsera’s clinical progress and protect Wegovy and Ozempic from a nascent competitor.
