Pfizer upped its offer and moved to acquire obesity biotech Metsera, outbidding Novo Nordisk in a high‑stakes auction that valued the startup at close to $10 billion, according to company statements and market reports. The competitive process accelerated after broad investor interest in obesity therapeutics intensified. Novo Nordisk publicly pushed back, raising its bid and signaling a protracted contest; both strategic buyers have sought to secure Metsera’s pipeline as the obesity treatment market continues to expand. Company executives and advisors on both sides have engaged in rapid follow‑on bids, reflecting the market’s appetite for differentiated obesity modalities. The deal dynamics underscore how blockbuster potential in weight‑loss drug development is driving aggressive M&A, forcing incumbents to allocate capital and personnel toward consolidating next‑generation assets. The bidding war also highlights pricing pressure and regulatory considerations for buyers financing large, strategic acquisitions in a crowded obesity landscape.