Novo Nordisk made an unsolicited, up-to‑$9 billion two-step offer for obesity biotech Metsera, topping Pfizer’s earlier agreement and triggering a four-business-day window for Pfizer to match or exceed the proposal. Novo’s pitch combines $56.50 per-share cash up front with contingent value rights (CVRs) worth up to $21.25 per share tied to development and regulatory milestones. Pfizer has publicly condemned the move as an attempt to stifle competition and signaled it may pursue legal options. The competing offers force Metsera’s board to weigh greater near-term value against regulatory and execution risks; CVRs are contingent payments tied to future clinical or regulatory outcomes and do not guarantee cash today.