San Francisco. Pfizer said on Saturday it was preparing to acquire Metsera after Danish rival Novo Nordisk announced it would halt bidding.

Metsera, a U.S. firm specializing in obesity treatment, has been the subject of growing offers from U.S. pharmaceutical giants Pfizer and Novo Nordisk. But after Novo Nordisk withdrew, Pfizer said it was planning to buy the share price of weight loss drug Begovy and anti-diabetic drug Metsera and Ozempic.

In a press release on Friday, Metsera said Pfizer had made an improved offer to receive it at 86.25 per share. Metsera has reached an agreement worth about $410 billion to buy all of its shares. ’

Metserra’s board of directors said it had “unanimously recommended” that stockholders accept the revised Pfizer merger agreement and approve the merger.

The deal is expected to go into effect “immediately” after the shareholders’ meeting on November 13. Pfizer’s latest proposal would double its valuation compared to the company’s initial agreement in September.

Danish firm Novo Nordisk said on Saturday that the company would not have any further plans to make an offer to acquire Metserra. Pfizer said it “will continue to evaluate opportunities for business development and acquisitions and advance strategic objectives post-acquisition”.

At a time when the World Health Organization says more than one billion people worldwide will be living with obesity and more than 800 million people will be living with diabetes by 2022, Pfizer’s acquisition of the drug maker Metsera was eyed with particular interest.