Pfizer has won the bidding war against Novo Nordisk to acquire obesity-drug biotech Metsera.

The pharma giant upped its offer, valuing the startup at up to around $10 billion, Metsera said Friday.

In a statement, the biotech also said it received a call from the Federal Trade Commission about potential risks with Novo’s offer under U.S. antitrust laws, which led the board to determine Novo’s offer “presents unacceptably high legal and regulatory risks” compared to Pfizer’s offer.

Pfizer said in a statement, “We are pleased that we and Metsera have agreed to these revised terms, which will provide immediate and certain value to Metsera’s shareholders.” It would pay $65.60 per share in cash and then a contingent value right of up to $20.65. Pfizer expects to close the deal with the biotec

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