Metsera Bidding War Mounts as Pfizer Fails to Stop Novo in Court

Just hours after both Pfizer Inc. and Novo Nordisk A/S raised their multibillion-dollar offers for obesity startup Metsera Inc., a judge paved the way for the pharmaceutical titans to throw even more money on the table in one of the hottest areas of medicine.

This week, Novo submitted an updated offer that values the three-year-old company with no drugs on the market at as much as $10 billion, dislodging Pfizer’s earlier agreement to buy the startup. Metsera’s board deemed Novo’s offer the better deal. Pfizer did come in with its own, improved $8.1 billion bid as it continues to ...