Novo Nordisk submitted an unsolicited, two‑step proposal valuing Metsera at up to about $9 billion — topping Pfizer’s earlier $7.3 billion agreement — and Metsera’s board declared the offer a "superior proposal." Novo’s structure combines $56.50 per share cash up front with contingent value rights tied to clinical and regulatory milestones for Metsera’s incretin and amylin programs. Pfizer immediately criticized the bid as "reckless and unprecedented," alleging it is an attempt by a dominant incumbent to suppress competition and signaling potential legal fights over the merger agreement’s termination and matching rights. Metsera has given Pfizer four business days to respond under the existing deal terms. The clash underscores intense M&A competition for obesity and GLP‑1 assets as big pharma seeks scale and pipeline depth. The transaction dynamics — up‑front cash versus CVRs tied to Phase III starts and approvals — will determine final outcomes and regulatory scrutiny in a hot therapeutic category.