Novo Nordisk raised its offer for obesity biotech Metsera to as much as $10 billion, topping Pfizer’s competing bid and escalating a weeks‑long acquisition battle. Metsera’s board has declared Novo’s latest proposal a superior company proposal; Pfizer countered with a higher cash offer and filed litigation alleging breach of contract and antitrust concerns. The contest spotlights the strategic value of incretin‑based obesity assets. The bidding war underscores how coveted obesity programs have become and the regulatory and antitrust scrutiny that can follow deals between dominant incumbents and emerging therapeutic players. Share prices in the target leapt on the competing offers as investors priced in higher takeover proceeds.