Acquisition talks for obesity biotech Metsera have intensified into a high‑stakes bidding war between Novo Nordisk and Pfizer. Novo raised a proposal valuing Metsera at up to $10 billion and continues to be named the superior bidder by Metsera’s board; Pfizer has repeatedly increased its offer and filed legal challenges alleging contract and antitrust concerns. Separately, the FTC warned that Novo’s bid structure—an initial purchase of half the shares before expiry of premerger waiting periods—could violate premerger notification rules under the Hart‑Scott‑Rodino Act, potentially exposing the transaction to antitrust scrutiny.