Pfizer has won a bidding war against Novo Nordisk to purchase obesity drugmaker Metsera Inc. Pfizer will acquire Metsera for up to $86.25 per share, consisting of $65.60 in cash and a contingent value right entitling holders to additional payments of up to $20.65 per share.

Metsera, based in New York, is developing oral and injectable treatments for obesity and diabetes. The deal comes after Pfizer ended development of a potential obesity pill treatment and altered its offer to provide more cash up front.

Novo Nordisk raised the stakes in its push to outbid Pfizer for Metsera but has since stated it will not increase its offer, leaving the race to acquire Metsera. Novo’s proposed deal involved paying $62.20 in cash per share and a contingent value right payment of $24 if certain milestones were met.

Read more at Yahoo Finance: Pfizer clinches deal for obesity drug developer Metsea after a bidding war with Novo Nordisk