Metsera’s board declared Novo Nordisk’s latest proposal a superior proposal after Novo raised its bid to as much as $10 billion, setting off swift legal retaliation from Pfizer. Pfizer filed lawsuits alleging Metsera breached its merger agreement and claiming Novo’s attempt to acquire Metsera would be anticompetitive. Novo’s structure offers a mix of immediate cash and contingent payments tied to milestones; Pfizer improved its own bid but challenged the regulatory and antitrust risks implicit in Novo’s approach. The dispute underscores the strategic value investors place on next‑generation incretin assets and the high stakes in obesity drug consolidation. The litigation and public filings create a fast-moving auction dynamic that could reshape ownership of a clinical-stage obesity portfolio and set precedents for how dominant incumbents defend market positions in GLP‑1 era M&A.