According to @business, Pfizer (PFE) has increased its offer for obesity drug startup Metsera in an escalating bidding contest with Novo Nordisk (NVO), citing unnamed sources. Source: Bloomberg @business, Nov 8, 2025. In multi-bidder takeovers, target premiums and deal success probabilities typically rise, which can re-rate peer valuations across the GLP-1 obesity drug cohort during price discovery. Source: Betton, Eckbo, and Thorburn, Corporate Takeovers, Handbook of Corporate Finance, 2008. Bidder shares often show short-term negative abnormal returns when raising offers due to expected dilution and integration risk, particularly in large acquisitions. Source: Moeller, Schlingemann, and Stulz, Journal of Finance, 2005. The report does not mention any direct cryptocurrency market impact; no BTC or ETH implications are stated in the source. Source: Bloomberg @business, Nov 8, 2025.