Pfizer Inc. (NYSE: PFE) stated that Novo Nordisk A/S (NYSE: NVO) made a proposal to acquire Metsera, Inc. (NASDAQ: MTSR), calling the bid "reckless and unprecedented." Pfizer characterized the proposal as an attempt by Novo Nordisk to suppress competition and circumvent antitrust laws.

According to Pfizer's statement, the proposal does not qualify as a superior offer under Pfizer's existing agreement with Metsera. The company said it is prepared to pursue legal action to enforce its rights under the agreement.

Pfizer noted that Metsera's board previously rejected Novo Nordisk's proposal due to "a variety of risks" in its deal structure, as disclosed in Metsera's proxy. The board selected Pfizer over other bidders because none "could complete an acquisition of 100% of Metsera's equity with the same level of certainty or on the same expected timeline as Pfizer."

The statement comes as Pfizer has its own pending acquisition agreement with Metsera. Pfizer stated its transaction would create value for Metsera stockholders and allow the company's drug candidate to compete in its therapeutic area.

The information was provided in a press release statement from Pfizer dated October 30, 2025.