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Novo Nordisk’s strategy to outbid Pfizer for Metsera may face gun-jumping hurdles

By Flavia Fortes, Nicholas Hirst and Jon Menon ( October 31, 2025, 20:38 GMT | Comment) -- Novo Nordisk is seeking to outbid Pfizer to acquire obesity drug maker Metsera in a deal structured with an early payment for 50 percent of Metsera’s non-voting shares that may trigger gun-jumping concerns with antitrust regulators worldwide. Even though Novo’s payment is for non-voting preferred stock, which usually doesn’t confer control, antitrust officials may still find the strategy shady, and potentially illegal, as the stock transfer will already change the incentives in the target company.Novo Nordisk is seeking to outbid Pfizer to acquire obesity drug maker Metsera in a deal structured with an early payment for 50 percent of Metsera’s non-voting shares that may trigger gun-jumping concerns with antitrust regulators worldwide....

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