Novo Nordisk submitted an unsolicited offer valuing obesity biotech Metsera at up to $9 billion—outbidding Pfizer’s earlier agreement—and the company’s board has labeled the proposal a “superior company proposal.” Novo’s two‑step structure includes $56.50 per share upfront plus contingent value rights (CVRs) tied to development and regulatory milestones totaling up to $21.25 per share. Pfizer has pushed back strongly, calling Novo’s move “reckless and unprecedented” and alleging antitrust and executional risks. Under the existing Pfizer merger agreement, Metsera’s board must give Pfizer four business days to respond with a matching or higher proposal before terminating that agreement. The target, Metsera, develops monthly GLP‑1 injectables and complementary incretin programs that are strategically valuable amid rapid consolidation in the obesity drug market. The episode signals an intensifying bidding war for clinical‑stage obesity assets and raises questions about antitrust scrutiny for blockbuster markets.