Pfizer completed its acquisition of obesity biotech Metsera, finalizing a deal valued at up to $10 billion and ending a high‑stakes bidding contest with Novo Nordisk. The transaction transfers Metsera’s obesity pipeline and technology into Pfizer’s metabolic portfolio amid surging demand for anti‑obesity medicines. The closing cements Pfizer’s strategic acceleration into obesity therapeutics and removes a potential competitive asset from Novo Nordisk. Industry watchers say the acquisition reflects pharmaceutical buyers’ readiness to pay premium multiples for differentiated metabolic programs that can scale commercially in a market already delivering multibillion‑dollar quarterly sales for leading GLP‑1 agents. Operational next steps will include integration of Metsera’s R&D assets into Pfizer’s development engine and assessment of near‑term clinical milestones and regulatory timelines.