Novo Nordisk submitted an unsolicited offer valuing Metsera at roughly $9 billion, prompting Metsera’s board to deem the proposal “superior” to Pfizer’s earlier agreement. The two-step bid includes $56.50 per share cash upfront plus contingent value rights (CVRs) tied to clinical and regulatory milestones that could add up to $21.25 per share. Pfizer has publicly labelled Novo’s move “reckless and unprecedented,” arguing the bid risks antitrust scrutiny and disputes Metsera’s right to accept the counterproposal under the existing agreement. Metsera has given Pfizer a short negotiation window to match or top the offer while stakeholders weigh legal and regulatory risk. CVRs are contingent payments based on future development events; they shift near-term cash obligations to milestone-dependent payouts. The outcome could reshape strategic positioning in the crowded obesity drug market and trigger broader M&A attention across metabolic therapeutics.