Novo Nordisk raised its offer for obesity biotech Metsera in a contested sale that also drew a formal staff letter from the Federal Trade Commission raising concerns about the transaction’s structure and the possibility of evading pre‑merger review. Pfizer — a competing bidder — has alleged the terms could allow Novo to acquire competitive advantages in the obesity drug market; a Delaware court recently denied Pfizer’s emergency block request. The FTC cautioned that Novo’s proposed upfront share transfer and deal constraints placed on Metsera while the deal is pending could violate merger notification rules and impair competition. Clarification: pre‑merger HSR review is the Hart‑Scott‑Rodino antitrust notification process in the U.S.