Hi, everyone. It's Michaela. Before we start today's show, I wanted to let you know that I'll be in London this December for the FT's Global Banking Summit. The event will feature CEOs, top regulators and policy leaders, as they discuss everything from geopolitical risk to exploring the future of AI and finance. And I'll be hosting a few panels myself.

The summit runs from the 2nd to the 4th of December.

If you want to register, you can find more information in our show notes,

including a discount code for 20% off.

See you there.

Last week, two pharma giants found themselves locked in a ferocious battle.

Pfizer and Novo Nordus duped it out for who will own MetSera, a coveted biotech that's developing next generation weight loss drugs.

Major pharmaceutical companies are desperate to cash in on the blockbuster obesity drug market.

The market's expected to reach sales of at least $100 billion by 2030.

It's rare to see this kind of public, hostile takeover battle in Farmerland,

but it's proving how valuable biotech assets are right now and how much desire there is

to get a foothold in the weight loss game.

And these two companies, Pfizer and Novo Nordisk, in a very short period of time, through

everything they had at this acquisition, taking it from the boardroom to the courtroom to

the corridors of Washington.

It's a high-stakes situation.

Both Novo-Nordesk and Pfizer have been in a bind recently.

And in effect, whoever wins met Sarah gets the chance of getting a slice of the future of the

weight loss drug market,

potentially one of the most lucrative ever.

I'm Mikhaila Tendera from the Financial Times.

Today, on Behind the Money, let's step inside the dramatic bidding war between Pfizer and Novo Nordisk.

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