(Reuters) -Metsera ( MTSR ) shareholders on Thursday approved Pfizer's ( PFE ) takeover offer worth up to $10 billion, as per preliminary count, allowing the U.S. pharmaceutical giant to gain a foothold in the lucrative obesity treatment market after a fierce bidding war with Wegovy-maker Novo Nordisk.

The approval paves the way for Pfizer ( PFE ) to diversify beyond its shrinking COVID-19 portfolio, navigate looming patent expirations, and tap into the booming market for weight-loss drugs that analysts estimate could be worth $150 billion annually by the end of the decade.

Metsera's ( MTSR ) board had unanimously recommended shareholders to approve the amended Pfizer ( PFE ) merger agreement, which valued the biotech at up to $86.25 per share, including an upfront payment of $65.60 per share in cash and up to $20.65 per share additionally,  contingent on the success of its pipeline of drugs.