Shares of Novo Nordisk (NOVOb.CO) climbed in early trade on Monday, rising 2.9% at 0801 GMT, after the Danish pharmaceutical giant withdrew its bid for U.S. weight loss drug company Metsera, ending a bidding contest with Pfizer (PFE).

Pfizer confirmed on Friday that it had secured a $10 billion deal for Metsera, marking a setback for Novo as it seeks to compete with U.S. rival Eli Lilly (LLY) in the obesity drug market.

Metsera accepted Pfizer’s sweetened offer, citing potential U.S. antitrust concerns around Novo’s bid, which the Danish company had previously deemed superior. Novo announced on Saturday that it would exit the race.

The acquisition provides Pfizer a significant entry into the lucrative obesity drug sector, even though Metsera’s treatments are still several years away from market availability.

Investors responded positively to Novo’s strategic exit, focusing on the company’s broader pipeline and ongoing efforts to maintain competitiveness in the obesity and diabetes treatment markets.