Metsera’s board declared Novo Nordisk’s improved proposal a superior company proposal after a sequence of competing offers from Pfizer and Novo. Novo’s latest package increases upfront dividends and contingent payments, valuing Metsera at as much as $10 billion, while Pfizer raised its cash offer in response and has pursued legal challenges. The board’s declaration keeps Novo in the lead despite Pfizer’s arguments about antitrust risk tied to Novo’s market position in GLP‑1 drugs. Pfizer sought injunctions to block aspects of Novo’s approach; a Delaware judge denied a request to constrain Metsera from ending its previous agreement with Pfizer, leaving the contest outcome to continued negotiation and regulatory review. Who: Metsera (obesity biotech), Novo Nordisk, Pfizer; why it matters: outcome will affect ownership of several late‑stage obesity candidates and could reshape competitive dynamics in the high‑value weight‑loss drug market.