Pfizer filed litigation in the Delaware Court of Chancery after Novo Nordisk launched a rival bid for Metsera, challenging the validity of Novo’s unsolicited offer and seeking to block Metsera from abandoning Pfizer’s earlier agreement. Pfizer accused Novo of structuring a proposal that is “not reasonably likely to be completed” and of attempting to evade antitrust review, according to company statements and court filings reported by STAT. Novo responded with a higher, two‑step proposal valuing Metsera well above Pfizer’s deal, offering an upfront cash component plus contingent value rights tied to developmental and regulatory milestones. The competing bids thrust Metsera — a clinical‑stage obesity biotech with next‑generation incretin and amylin assets — into a high‑stakes M&A showdown that could reshape competition in the obesity market and prompt antitrust scrutiny. The dispute matters for industry dealmaking and market structure: it tests how courts handle break‑fee and superior‑proposal clauses in major pharma buyouts and could influence future consolidation strategies among companies vying for obesity and metabolic pipelines.