Novo Nordisk continued to raise its bid for obesity biotech Metsera amid a heated auction with Pfizer, and the Federal Trade Commission flagged concerns about the structure of Novo’s proposal. FTC staff warned that Novo’s transaction design—an upfront payment that transfers substantial rights before pre‑merger review—could violate Hart‑Scott‑Rodino rules and potentially allow anticompetitive effects before regulators can act. The regulator’s letter heightens uncertainty for both bidders and underscores antitrust risk in deals involving dominant obesity‑drug players.