Pfizer has won a contested auction for Metsera, the obesity‑focused biotech, agreeing to acquire the company for roughly $10 billion, according to reports. The deal concludes a high‑stakes bidding battle that pitted Pfizer against Novo Nordisk and reflects intensifying industry consolidation around next‑generation anti‑obesity assets. Metsera’s pipeline and clinical data on novel weight‑loss mechanisms made it a strategic target for large pharma racing to bolster their obesity franchises. Pfizer’s acquisition positions the company to compete more aggressively as GLP‑1 and related mechanisms reshape metabolic medicine markets. The transaction signals continued M&A activity as big pharmas seek to secure differentiated assets in obesity and metabolic disease. Stakeholders will watch regulatory filings, the integration plan for Metsera’s R&D, and whether the deal accelerates accelerated development or prompts portfolio reshuffles at both buyers and rivals.