On Tuesday, shares of Metsera Inc. (MTSR.US) climbed more than 15% to $70.42 amid intensified bidding competition between Pfizer (PFE.US) and Novo Nordisk A/S (NVO.US).

Metsera announced that Novo Nordisk's revised acquisition proposal remains the "superior offer" as determined by its board, formally notifying Pfizer to submit a better bid within two business days or risk disqualification.

Novo Nordisk's latest offer values Metsera at $86.20 per share, totaling approximately $10 billion. This includes a cash component of $62.20 per share (up from $56.50) and contingent value rights of up to $24/share (previously $21.25), which would provide additional cash payments if certain drug development milestones are achieved.

In contrast, Pfizer's updated bid of about $70 per share, valuing the deal at $8.1 billion, was deemed inferior by Metsera's board.

The bidding war centers on Metsera's late-stage weight-loss and metabolic disease drug candidates, viewed as potential "next-generation blockbusters" following Wegovy and Zepbound. With the global obesity treatment market expanding rapidly, pharmaceutical companies are racing to secure promising assets. Morgan Stanley estimates the weight-loss drug market could exceed $100 billion by 2030.

Industry analysts note the competition reflects not just acquisition premiums but also major pharma companies' need to replenish pipelines amid patent expirations. If Pfizer fails to raise its offer, it may exit the bidding process early.

Markets await Pfizer's potential counteroffer within the 48-hour window and Metsera's final decision on the transaction.