Novo Nordisk submitted a surprise counterbid for Metsera, offering $56.50 per share plus contingent value rights that lift the deal to roughly $9 billion in potential equity value. Metsera’s board judged Novo’s proposal a superior company proposal and gave Pfizer four business days to top the offer; Pfizer called the move “reckless and unprecedented” and warned of legal action. Metsera is developing MET‑097i, a monthly injectable GLP‑1 candidate and a pipeline that includes an amylin analog and an oral GLP‑1. The takeover battle underscores the strategic urgency among global pharma to secure next‑generation obesity assets as competition heats among Novo, Lilly, Pfizer and others in the lucrative weight‑loss market. The bid war highlights antitrust and deal‑certainty tensions: Pfizer argued its earlier agreement delivered better certainty to shareholders and regulators, while Novo emphasized higher upside via milestone‑linked payments. Advisors and bidders will now race to structure offers that balance regulatory risk and milestone contingent value rights. For the sector: expect heightened M&A volatility in obesity/drug categories and possible broader defensive strategies by acquirers to protect market share in GLP‑1 and combination franchises.