The Federal Trade Commission has raised concerns about Novo Nordisk’s attempt to outbid Pfizer to acquire obesity startup Metsera, the latest complication in a dramatic bidding war between two pharma giants.
Companies normally have to seek FTC review for acquisitions under a law called the Hart-Scott-Rodino Premerger Notification Act. The companies must wait a prescribed amount of time after the filings are submitted before concluding their transaction.
Novo’s deal is structured so that it would first pay a large amount to acquire half of Metsera’s stock. If Novo does that before seeking regulators’ review, then it may violate the act, Daniel Guarnera, director of the bureau of competition at the FTC, wrote in a letter sent Tuesday to lawyers of Pfizer and Metsera.
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