Novo’s shares traded 2.9% higher. US drugmaker, Pfizer said late on Friday it had clinched a $10 billion deal for Metsera, in a blow to Novo as the Danish group tries to claw back lost ground against US rival, Eli Lilly.

Metsera accepted a sweetened offer from Pfizer late on Friday, citing US antitrust risks in Novo’s bid that it had previously called superior.

The Danish obesity drug behemoth said on Saturday it would exit the race. The bidding war win hands Pfizer a way into the lucrative obesity drug market, even if Metsera’s treatments remain years from hitting the market.

–Reuters–