FT News Briefing Pfizer plays hardball in weight-loss drug fight
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Nov 4, 2025 
Joining the discussion are Oliver Barnes, an FT U.S. deals correspondent, and Claire Jones, FT U.S. economics editor. They dive into Pfizer's fierce legal battle against Novo Nordisk over the MetSera bidding war, exploring its potential implications on weight-loss drug innovation. Claire sheds light on U.S. policy discussions regarding global dollar adoption, detailing candidate countries and the challenges they face. Both guests provide keen insights into the intersection of healthcare and economic policy in today's market.
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Palantir's AI-Fueled Surge
- Palantir raised its 2025 sales guidance to $4.4bn, beating expectations and riding the AI wave.
- Its stock surged over 170% this year, giving it a near $500bn market cap.
Rare Public Biotech Bidding War
- Pfizer initially agreed a deal to buy MetSera for up to $7.3bn before Novo Nordisk trumped it with a $9bn bid.
- That public, acrimonious bidding war is rare in biotech and sparked litigation.
Deal Structure At The Heart Of Lawsuit
- Pfizer alleges Novo structured the deal to pay immediately and avoid antitrust scrutiny via a 50% non-controlling stake.
- Pfizer argues this structure aims to skirt regulators and prevent reviews.