Metsera said Tuesday that Pfizer and Novo Nordisk both upped their bids to acquire the obesity startup, with Novo’s offer coming in higher, valuing the company for up to $10 billion.

Under Novo’s new proposal, it would pay $62.20 per share in exchange for half of Metsera’s shares upon signing the deal (up from its earlier offer of $56.50), which Metsera would pay out to shareholders as a dividend. After the deal is approved by shareholders and regulators, Novo would pay a contingent value right of up to $24 per share based on development and approval milestones (up from its earlier offer of $22.50), and it would acquire the remaining shares.

Under Pfizer’s new bid, made on Monday, it would pay $60 per share upfront (up from its earlier offer of $47.50), and a contingent value right of up

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