Pharma juggernauts Pfizer and Novo Nordisk are struggling in the obesity drug race.The two companies are searching for their next moneymaker, and that search recently spun out into a ferocious, multibillion-dollar battle for control of biotech start-up Metsera. The FT’s US deals and activism correspondent Oliver Barnes walks through the tussle that’s involved lawsuits, public barbs and political drama.

Clips from CNBC, Pfizer, Yahoo Finance

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For further reading and listening:

Weight-loss wars: $10bn hostile battle pits Pfizer against Novo Nordisk

Pfizer shows hardball mettle needed to win in 2025 M&A

There is only one winner in the Pfizer Novo Nordisk showdown

Ozempic’s unconventional origins

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Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here.

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Follow Oliver Barnes on X (@mroliverbarnes), or on Bluesky (@mroliverbarnes.bsky.social) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

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Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs

The Story of Money