Pfizer secured Metsera after a competitive week-long auction, matching an up-to-$10 billion offer and prompting Novo Nordisk to stand down. The amended merger agreement transfers Metsera’s obesity pipeline—including injectable GLP-1s and oral candidates MET-097i and MET-233i—to Pfizer. The U.S. FTC granted early clearance and the companies expect a quick close following Metsera’s shareholder meeting on Nov. 13. The transaction gives Pfizer immediate scale in obesity and metabolic therapeutics and folds several next-generation assets into its commercial and development engine. Novo Nordisk emphasized continued investment in its own obesity portfolio while declining to escalate the bid. The deal signals ongoing consolidation and premium pricing for obesity assets as big pharmas jockey for market share.