Big Pharma just rewrote the rulebook in the obesity-treatment race. Pfizer has won the bidding for Metsera after a showdown with Novo Nordisk.

Dan Koh and Emaad Akhtar unpack how this US$10 billion move signals a pivot into GLP-1 drugs, why Novo walked away and what it all means for investors tracking the next trillion-dollar health-tech frontier.

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