Pfizer completed its acquisition of obesity biotech Metsera for up to $10 billion, securing the company’s fast‑acting amylin analog and long‑acting GLP‑1 assets. The purchase ends a heated contest with Novo Nordisk that culminated in Pfizer’s winning bid and underscores Big Pharma’s aggressive push into obesity therapeutics. Insiders chronicled a frenetic auction in which Metsera’s clinical promise drew simultaneous interest from multiple acquirers; the transaction reflects pharma’s willingness to pay for differentiation in a crowded metabolic space. Pfizer intends to integrate Metsera’s amylin and GLP‑1 programs into its metabolic franchise and accelerate clinical development and commercialization. The deal highlights two concurrent dynamics in biotech: (1) strategic M&A to secure novel mechanisms that complement GLP‑1s, and (2) valuation pressure driven by the market potential of obesity drugs even as competition intensifies. Clarification: Amylin analogs act alongside GLP‑1 pathways to regulate appetite and glycemic control; pairing mechanisms can create differentiated efficacy and tolerability profiles.