Pfizer won the auction for obesity biotech Metsera with a $10 billion offer, outbidding Novo Nordisk and ending a high‑profile dispute that produced lawsuits and multiple revised bids. The deal values Metsera—focused on an obesity drug candidate—at roughly double Pfizer’s original proposal and signals continued big‑pharma appetite for obesity assets. Pfizer’s escalation and ultimate victory reposition the company in the obesity market and removes a key acquisition target from a field dominated by Novo Nordisk and Eli Lilly. The deal highlights how strategic M&A remains the primary route for established drugmakers to buy clinical‑stage obesity candidates rather than build internally. Market observers will watch integration plans and whether Pfizer accelerates the candidate into late‑stage development or leverages its commercial footprint to challenge existing GLP‑1 leaders.