Pfizer has filed a second lawsuit against Novo. Which company is more attractive to an investor?

US pharmaceutical giant Pfizer has filed a second lawsuit against Danish Novo Nordisk, accusing it of trying to prevent competition in the market of weight-loss drugs. The reason for this was Novo's offer to buy biotech startup Metsera, which Pfizer also tried to acquire in September and which it is now also suing. Novo Nordisk's shares fell by 1.8% at the moment in trading on November 3.

Pfizer has filed a lawsuit in a Delaware court against Novo Nordisk A/S, Metsera and its controlling shareholders, the U.S. company said Nov. 3.

"The lawsuit alleges that Novo' s recent offer to buy Metsera is 'an anticompetitive action by Novo Nordisk to protect its dominant position in the market for GLP-1 drugs (the hormone targeted by Novo's weight-loss drug Wegovy. - Oninvest) by capturing and destroying a nascent U.S. competitor before it receives support from Pfizer," the pharma giant said.

Pfizer said that the possible Novo and Metsera deal would have negative consequences for competition in the market, that it represents an anticompetitive collusion between Novo and Metsera and "an attempt to monopolize and conspire to monopolize." The US company added that it intends to use "all appropriate means" to prevent Novo's proposed deal from taking place.

Pfizer is trying to get Metsera bought through the courts at a lower price than Novo Nordisk offered, the startup said in a statement. "Metsera's board of directors will continue to stand firmly for the interests of shareholders and patients. Pfizer's arguments in the litigation are meaningless: Metsera will respond to them in court," the company said.

Novo Nordisk vice president of global media James Brown called Pfizer's claims unfounded, CNBC reported. Instead of competing on price, the U.S. company took a "highly unusual and apparently desperate approach," Brown noted in the network's statement.

Shares of Pfizer were falling by almost 1% during the trading on November 3, but then slowed down to about -0.3%. Novo Nordisk, which is traded in the U.S., fell by 1.8%, but then recovered some of its losses. Metsera's shares fell by 3.4% at the moment.

Metsera is one of the hopeful startups in the obesity-fighting market: the company has several experimental developments, including an injection that needs to be administered less frequently than the market-dominating drugs from Novo and US-based Eli Lilly, Bloomberg writes.

This is the second lawsuit Pfizer has filed in connection with Novo's attempt to buy Metsera. Novo offered on Oct. 30 to acquire Metsera for at least $6.5 billion, with the potential to raise the amount to $9 billion if a number of conditions are met. That would involve a payment of up to $77.75 for each Metsera share - 11% above the maximum valuation from Pfizer, which in September offered to buy the company for $70 a share.

Metsera accepted Pfizer's offer. But after Novo's move, it said Pfizer had four days to begin negotiations to modify its offer. Then, as early as Oct. 31, Pfizer said it has filed its first lawsuit against Metsera, its board of directors and Novo Nordisk for breach of contract. If the court does not support Pfizer, the company has until Tuesday to either make a new offer to Metsera or withdraw from the deal, Bloomberg noted.

The conflict between the companies erupted after Novo Nordisk and Pfizer failed in the rapidly growing market of weight-loss drugs, Bloomberg wrote. Novo was the pioneer in this market, the volume of which will exceed $100 billion by 2030, but now it is led by the U.S. Eli Lilly. Pfizer abandoned further trials of its own drug after one of the participants in the clinical trial showed signs of liver damage.

Pfizer shares have fallen 7% since the start of 2025. They have 24 ratings from analysts, and most advise Hold: 14 ratings are Hold, MarketWatch shows. Nine analysts advise Buy (Buy and Overweight), one advises Sell. The average target price of $28.67 implies a 16% upside from the last closing price.

Novo Nordisk's stock has collapsed 43% this year. They have 32 ratings, and most analysts advise buying the receipts: 17 Buy ratings and three Overweight versus 10 Hold and two Sell. The average target price is $68.19: that's 38% above the last close.

This article was AI-translated and verified by a human editor