Pfizer submitted an increased cash offer and won the bidding war for Metsera, the obesity-drug developer, topping rival Novo Nordisk and securing a deal valued at about $10 billion. Pfizer offered up to $86.25 per share, edging out Novo’s up-to-$86.20 proposal and delivering greater deal certainty that convinced Metsera’s board. Metsera’s pipeline centers on next‑generation obesity therapeutics. The acquisition transfers ownership of those programs to Pfizer and removes a key competitive asset from Novo Nordisk amid an industrywide scramble for obesity assets. The deal closes a public, high‑stakes contest over market positioning in anti‑obesity drugs.