Pfizer completed its acquisition of obesity biotech Metsera in a deal worth as much as $10 billion, concluding a heated bidding contest that briefly involved Novo Nordisk. The transaction secures Metsera’s pipeline and obesity programs for Pfizer, expanding the pharma giant’s metabolic disease footprint. The acquisition follows intense market interest in obesity therapeutics and consolidates control of an asset class that has attracted large strategic investments. Pfizer’s move immediately reshapes competitive dynamics in anti‑obesity R&D and could spur further M&A as rivals chase differentiated mechanisms and delivery formats. Stakeholders will watch integration plans, regulatory filings, and how Pfizer intends to position Metsera’s candidates versus GLP‑1 and multi‑agonist therapies in late‑stage development.