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Denmark's Novo Nordisk launched a rival bid for U.S. obesity biotech firm Metsera on Thursday, hijacking an offer from Pfizer as drugmakers jostle for advantage in the fast-growing and competitive weight-loss drug market.

Novo Nordisk, the company behind blockbuster weight loss drug Wegovy and diabetes drug Ozempic, bid up to $8.5 billion, including $6 billion upfront and later milestone payments. Pfizer's bid was worth $7.3 billion, including milestones.

Metsera, in a statement, said that Novo's bid was "superior" and that it had notified Pfizer, which now has four business days to negotiate. It said that the Novo offer valued Metsera at up to $77.75 per share for a total o

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