Two of the industry’s biggest players pushed a high‑stakes auction for obesity biotech Metsera this week, with Pfizer emerging the reported winner after upping its offer and valuing the company at roughly $10 billion. Novo Nordisk was an aggressive rival throughout the process, repeatedly raising its bid before Pfizer topped it, according to company statements and coverage. The takeover battle underscores how valuable differentiated obesity assets remain as larger pharmas vie to expand metabolic portfolios. Metsera’s programs — multiple early‑stage candidates targeting weight loss biology — became the focal point for strategic positioning in a market reshaped by GLP‑1 and next‑generation agents. Deal pricing and personnel moves across the bidders will be watched closely for signals about how acquirers price obesity innovation and integrate small biotech teams into larger development engines.