Novo Nordisk’s Bid for Metsera Draws Attention of FTC Staff (2)

Staff at the US Federal Trade Commission said it appears Novo Nordisk A/S’ proposed bid for Metsera Inc. “may violate the procedural provisions” of the law that requires a premerger review.

In a letter to lawyers for Novo and Metsera dated Nov. 4, Daniel Guarnera, director of the FTC’s bureau of competition, said Novo’s offer would violate the Hart-Scott-Rodino Premerger Notification Act if it’s consummated “without first filing for premerger review.”

Pfizer Inc. and Novo are in a bidding war to acquire Metsera, a startup in the red-hot obesity drug market. Novo Nordisk’s bid uses an unusual structure to ...