Pfizer Gains Regulatory Green Light

Pfizer (PFE) announced that it has received HSR early termination from the Federal Trade Commission (FTC) for its proposed acquisition of Metsera (MTSR).
The decision ends the waiting period that was initially set to expire on November 7, satisfying a major step in the regulatory approval process.

Pfizer said the early termination “satisfies the regulatory review requirements,” paving the way for the company to proceed with the transaction — pending the outcome of an ongoing bidding war.

Novo Nordisk Outbids Pfizer

The announcement comes one day after Novo Nordisk (NVO) made a higher offer for Metsera, challenging Pfizer’s existing deal.
Metsera has labeled Novo Nordisk’s proposal as a “superior offer”, giving Pfizer until Tuesday to either match or withdraw from the acquisition.

The high-stakes competition underscores the strategic importance of Metsera’s obesity drug pipeline, seen as a potential rival to Novo Nordisk’s blockbuster Wegovy and Ozempic franchises.

Pfizer Criticizes Rival Bid

In a statement, Pfizer sharply criticized Novo Nordisk’s move:

“This is an attempt by a company with a dominant market position to suppress competition in violation of law by taking over an emerging American challenger,” the company said.
Pfizer also accused Novo of structuring the proposal “to circumvent antitrust laws” and warned of “substantial regulatory and executional risk” tied to the rival bid.

Regulatory Context and Next Steps

The FTC’s early termination gives Pfizer a procedural advantage, but the final outcome will depend on whether it decides to match Novo’s higher offer.
If Pfizer proceeds, the acquisition could further intensify competition in the obesity treatment market, one of the fastest-growing segments in the pharmaceutical industry.

Key Takeaways

Pfizer (PFE) granted HSR early termination for its Metsera (MTSR) acquisition.
Novo Nordisk (NVO) submitted a higher competing bid, deemed “superior” by Metsera.
Pfizer has until Tuesday to match or walk away from the deal.
Pfizer alleges antitrust and competitive concerns regarding Novo’s bid.
Regulatory approval marks a major procedural milestone for Pfizer’s deal.