Pfizer won the bidding war for Metsera, causing Metsera's shares to drop while Novo Nordisk's withdrawal from the race led to a positive market reaction for its shares. Metsera's board believes the merger with Pfizer, valued at up to $86.25 per share, is the best option for shareholders due to legal risks associated with Novo Nordisk's proposal. Pfizer expressed satisfaction with the deal, which is expected to provide immediate value to Metsera's shareholders. Meanwhile, Novo Nordisk faces increased competition in the anti-obesity drug market.