Pfizer is poised to acquire US-based biotechnology firm Metsera in a $10 billion deal, after winning a heated bidding battle against Danish drugmaker Novo Nordisk, which has now withdrawn from the race, AFP reported.Metsera, which specialises in obesity treatments, said in a statement that Pfizer’s improved offer of $86.25 per share had been unanimously approved by its board, which recommended that shareholders support the merger at a meeting scheduled for November 13.

“The board unanimously recommends that stockholders approve the adoption of the amended Pfizer merger agreement and approve the merger,” the company said, adding that the deal was expected to close “promptly” after the vote.Pfizer’s latest proposal nearly doubles Metsera’s valuation compared to their initial agreement in September, which triggered a counterbid from Novo Nordisk and set off a fierce price war between the two pharmaceutical giants.Novo Nordisk, the maker of blockbuster weight-loss drug Wegovy and diabetes treatment Ozempic, announced that it would not raise its offer further. “The company does not intend to make an increased offer to acquire Metsera,” it said, adding that it would continue pursuing “strategic acquisitions” aligned with its long-term growth goals.Metsera revealed that the US Federal Trade Commission (FTC) had contacted the company regarding “potential risks” associated with the proposed Novo Nordisk transaction under US antitrust laws — a factor that strengthened the board’s decision to support Pfizer’s offer instead.The company’s board concluded that the Novo Nordisk deal “presents unacceptably high legal and regulatory risks… compared to the proposed merger with Pfizer.” Novo Nordisk, however, maintained that its proposal was “compliant with antitrust laws.”The battle for Metsera reflects the growing competition in the global obesity treatment market, an area where pharmaceutical majors are racing to capture share amid surging global demand for weight-loss and diabetes drugs.According to the World Health Organization, more than one billion people worldwide were living with obesity and over 800 million with diabetes as of 2022.