At a price of up to $10 billion, Pfizer has claimed victory in its bidding war against Novo Nordisk to acquire Metsera. It's also taking on a lot of risk.

Metsera stock surged Thursday on reports Pfizer has matched Novo Nordisk's $10 billion bid to buy the obesity-focused biotech.

The new proposal for the coveted obesity drug developer is more than double the size of Pfizer’s original bid and ends a squabble with Novo Nordisk that had resulted in lawsuits.

That likely only increases the appetite of biotech investors to bet on the next thing. But keep in mind the deal offers some lessons that could — or perhaps should — instill some caution.

BridgeBio said Pfizer’s filing of a complaint with the NAD “is an attempt to bypass the FDA, the federal agency responsible for overseeing prescription drug advertising, and to challenge promotional materials which have already been through the proper regulatory processes.” That is “problematic,” according to the statement.