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Metsera said Friday it agreed to be acquired by Pfizer after a bidding war with Novo Nordisk, at up to $86.25 a share, slightly above Novo’s latest offer valuing Metsera around $10 billion. The move advances Pfizer’s push into weight-loss medicines, though Metsera’s drugs remain in trials. The price is billions above Pfizer’s September offer of $47.50 a share. Pfizer has sued Metsera and Novo in Delaware, alleging breach of contract and anticompetitive tactics, and accused Novo of trying to stifle a nascent rival. Metsera said the Federal Trade Commission warned a Novo deal would face U.S. antitrust risks.

Prepared by Christopher Adams and reviewed by editorial team.