(Reuters) -Pfizer has received early U.S. antitrust clearance more than a week early for its proposed $7.3 billion Metsera acquisition, which has been called into question by Novo Nordisk’s higher $8.5 billion offer.
Metsera has declared Novo’s offer superior, and given Pfizer until Tuesday to raise its bid.
The U.S. Federal Trade Commission granted early termination of the waiting period required under the Hart-Scott-Rodino Act, which governs antitrust reviews. The waiting period was originally set to expire on November 7, Pfizer said on Friday.
The clearance means Pfizer could move ahead with its proposed purchase of Metsera without further antitrust review from U.S. regulators. Metsera shareholders are currently due to vote on the deal on November 13.
Pfizer said Danish drugmaker Novo was a company with a dominant market position trying to suppress competition in violation of law by taking over an emerging American challenger in the fast-growing obesity drug market. Pfizer called the bid “reckless” and said it was structured to bypass regulatory scrutiny.
Novo Nordisk, the maker of Wegovy and Ozempic, offered up to $8.5 billion for Metsera, including $6 billion upfront.
Pfizer’s deal for Metsera is part of its push to enter the $150 billion obesity drug market, as it looks to offset falling COVID-19-related revenues and looming patent expirations. The company has faced setbacks in developing its own weight-loss treatments and does not sell one.
(Reporting by Kamal Choudhury, Christy Santhosh and Siddhi Mahatole in Bengaluru; Editing by Shilpi Majumdar)
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