It brings the drugmaker one step closer to joining the market for GLP-1s, which analysts say could grow into a $150 billion market by the end of the decade.
Shares of Viking Therapeutics jumped on Thursday after the biotech company a day earlier announced plans to advance its experimental weight loss injection into a late-stage trial earlier than expected.
Viking previously said it was expecting to start another mid-stage trial on its weekly injection, called VK2735, after reporting positive results from another phase two study in February.Shares of both Novo Nordisk and Eli Lilly fell more than 1% Thursday.But after receiving written feedback from the Food and Drug Administration, the company has decided to move the injection directly into a phase three trial, CEO Brian Lian said during an earnings call on Wednesday.
That decision will likely shave a year off of Viking's development timeline for the injection, BTIG analyst Justin Zelin said in a note on Wednesday. Currently, analysts estimate that the drug will launch in 2029, Zelin said. Viking Therapeutics' drug promotes weight loss by targeting a GLP-1 and another hormone called GIP. Those are the same hormones that Eli Lilly's Zepbound and diabetes counterpart Mounjaro target.
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