Structure Therapeutics

Novo Nordisk's experimental obesity drug, CagriSema, showed over 20% average weight loss but fell short of expectations, causing a 29% stock drop. Despite outperforming Wegovy, it matched Eli Lilly's Zepbound, with side effects potentially limiting its efficacy. The obesity drug market faces high success standards, with Lilly gaining from Novo's setback.

Edmund Ingham suggests diversifying biotech investments across sizes, including dividend-paying pharma, commercial-stage, and speculative clinical-stage companies. Key 2025 developments include Eli Lilly potentially reaching a trillion-dollar market cap and the growth of GLP-1 weight loss drugs. Lower interest rates may boost biotech investment, and the sector's resilience is highlighted by recent IPOs. Ingham is optimistic about 2025, focusing on GLP-1 drugs' commercial performance and the potential for significant industry growth.

Corxel Pharmaceuticals acquired VCT220, a Phase 2-ready oral GLP-1 agonist for obesity and diabetes, from Vincentage Pharma, excluding Greater China. Renamed CX11, it aims to offer a patient-friendly alternative to injectable GLP-1 drugs, with Phase 3 trials underway in China and global Phase 2 trials planned for 2025.

Novo Nordisk's CagriSema showed superior weight loss in REDEFINE 1 trial, but fell short of expectations, causing stock decline. Competitors like Eli Lilly saw gains.

Merck & Co. pays Hansoh Pharma $112M for rights to a preclinical obesity pill, HS-10535, outside China, with potential $1.9B in milestone payouts. The deal suggests Merck's entry into the obesity market, disappointing potential acquisition targets. HS-10535 is an oral GLP-1 agonist, similar to Wegovy.

Structure Therapeutics selects ACCG-2671 as lead oral small molecule amylin receptor agonist for obesity treatment, expected to enter Phase 1 trials by end of 2025. Preclinical data shows potent target engagement, robust weight loss, and favorable safety profile supporting once-daily dosing.

Structure Therapeutics hosts a conference call on Dec 17, 2024, discussing its development of amylin-based treatments for obesity, including ACCG-2671, a DACRA. The company focuses on oral small molecule treatments for chronic conditions, aiming to surpass traditional therapies' limitations.

Amgen's MariTide, an experimental obesity treatment, showed a 20% weight loss in trials but common side effects like nausea and vomiting limit its competitiveness. Eli Lilly and Novo Nordisk's next-gen drugs, potentially achieving 25% weight loss, dominate the market. MariTide's antibody-linked peptide mechanism offers durability but faces Phase III trials. Amgen's stock fell 12.3% post-report, reflecting market skepticism.

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