Industry coverage tracks the money around peptides: Eli Lilly and Novo Nordisk earnings, pipeline shifts, M&A, IPOs, peptide CDMO capacity, and the telehealth and pharmacy economy that GLP-1s built.
The two stories that keep moving the most market cap: how fast oral GLP-1s reach approval (orforglipron, oral semaglutide, oral wegovy, danuglipron's exit), and what happens to the compounded-peptide channel as the FDA tightens. Hims, Ro, LifeMD, GoodRx, and Amazon Pharmacy have all rerouted distribution in the past year. Behind them, contract manufacturers like Bachem, PolyPeptide, and BASF have been the bottleneck no one talked about until they were.
Stories here name the company, the deal, and the dollars. Earnings, partnership, regulatory hit — whatever moved the share price gets covered.
Amylyx Pharmaceuticals (NASDAQ: AMLX) closed its upsized $500.2 million underwritten public offering as scheduled Friday August 21, 2026. Deal terms: 14,090,000 shares of common stock priced Wednesday August 19 at $35.50 per share, with Leerink Partners, Morgan Stanley, Guggenheim Securities, and LifeSci Capital as joint book-running managers. The offering follows the Monday August 18 Phase 3 LUCIDITY primary endpoint hit for avexitide (exendin 9-39, first-in-class GLP-1 receptor antagonist peptide) that documented a 55% reduction in the composite rate of Level 2 and Level 3 hypoglycemic events (p=0.000003) in post-bariatric hypoglycemia. Use of proceeds: avexitide commercial launch preparation (Q4 2026 NDA submission), broader pipeline advancement including AMX0318 (long-acting follow-on candidate identified with Gubra A/S, IND targeted 2027), and general corporate purposes. Underwriter 30-day option for additional 2,113,500 shares at the same price less underwriting discounts and commissions would bring total raise capacity to roughly $575 million if fully exercised. Amylyx also expanded its board of directors as part of the LUCIDITY-week capital markets round. The $500 million raise provides several years of operational runway to fund the avexitide launch trajectory and the second-generation AMX0318 development program targeting the same GLP-1 receptor antagonist mechanism at a longer-acting dosing format.
Amylyx Pharmaceuticals (NASDAQ: AMLX) upsized its underwritten public offering to $500.2 million from the initial $350 million announcement, pricing 14,090,000 shares of common stock at $35.50 per share Wednesday August 19, 2026. Expected closing: August 21, 2026, subject to customary closing conditions. Underwriter 30-day option: additional 2,113,500 shares at the same price less underwriting discounts and commissions, which would bring total raise capacity to roughly $575 million if fully exercised. Use of proceeds: avexitide (exendin 9-39, a peptide GLP-1 receptor antagonist) commercial launch preparation following the Monday August 18 LUCIDITY Phase 3 primary endpoint hit (55% reduction in composite Level 2/3 hypoglycemic events, p=0.000003, in post-bariatric hypoglycemia), NDA submission activities planned for end of 2026, AMX0318 (long-acting GLP-1 receptor antagonist candidate) IND-enabling studies with IND filing targeted 2027, and general corporate purposes. Dilution: as of June 30, 2026, Amylyx reported 111,368,283 shares outstanding; the 14.09 million new shares represent roughly 12.6% dilution on the base offering and 14.5% dilution including the underwriter overallotment. The upsize from $350M to $500.2M reflects the strong demand generated by the LUCIDITY win and the analyst reception (Guggenheim $55 PT, Mizuho $30, H.C. Wainwright $20, Seeking Alpha Strong Buy upgrade). Amylyx also expanded its board of directors as part of the capital markets round.
Indian drugmaker Mankind Pharma announced Thursday August 20, 2026 the acquisition of exclusive Indian rights to two insulin analogue peptides from Chinese biopharmaceutical firm Chongqing Chenan Biopharmaceutical. Products in scope: insulin degludec (a Novo Nordisk Tresiba equivalent), an ultra-long-acting basal insulin analogue with approximately 42-hour duration of action that provides once-daily basal coverage with reduced nocturnal hypoglycemia compared to insulin glargine; and the insulin degludec plus insulin aspart fixed-combination (Novo Nordisk Ryzodeg equivalent), combining basal and rapid-acting insulin components in a single injection for patients requiring both basal glycemic control and prandial coverage. Financial terms were not disclosed. The agreement strengthens Mankind's diabetes commercial franchise in the world's largest diabetes patient population; India has approximately 101 million adults living with diabetes as of 2023 per International Diabetes Federation estimates, with the burden projected to reach 134 million by 2045. Both molecules are peptides: insulin degludec is a 51-amino-acid peptide analogue with a hexadecanedioic acid attachment at position B29 that enables the ultra-long-acting profile through multi-hexameric self-association at the injection site. The Chinese-Indian licensing structure follows the growing pattern of Chinese biopharmaceutical companies (Chongqing Chenan, Hengrui, Innovent) partnering with regional distribution and manufacturing partners in India, Southeast Asia, and Latin America to scale peptide-based diabetes and metabolic drug access in emerging markets.
Tolerance Bio announced an exclusive $260 million license agreement with South Korean biotech NeoImmuneTech for the development and commercialization of efineptakin alfa (NT-I7), a clinical-stage long-acting IL-7 (interleukin-7) fusion protein, for certain thymus-related indications in the Americas and Europe. Mechanism: IL-7 is an immune cytokine that supports T cell development in the thymus and maintenance of memory T cell populations in peripheral tissues. Efineptakin alfa combines the IL-7 cytokine with a fusion partner that extends the half-life from IL-7's native short duration (minutes to hours) to a long-acting profile supporting less-frequent dosing. Tolerance Bio plans to initiate Phase 2 clinical trials evaluating efineptakin alfa for the enhancement of thymic function, with HIV immunological non-response as the lead indication. HIV immunological non-response describes patients on effective antiretroviral therapy who fail to rebuild CD4+ T cell counts to normal levels; it represents a model of accelerated immune aging and provides an established regulatory pathway for demonstrating thymic-function benefit. Additional planned indications include age-related immunosenescence and immune reconstitution after stem cell transplantation. The agreement marks Tolerance Bio's transition to a clinical-stage biotechnology company. Efineptakin alfa has previously been studied in oncology combinations with Merck's Keytruda, BMS's Opdivo, and other checkpoint inhibitors under NeoImmuneTech's development; the Tolerance Bio license refocuses the asset on non-oncology thymus-preservation indications where the long-acting IL-7 mechanism produces broader clinical benefit.
Network Bio launched Thursday August 20, 2026 with $50 million in Series A financing. Company thesis: build AI models trained on human biological data (spanning multi-omics, single-cell sequencing, and functional genomics datasets) for drug discovery across multiple therapeutic areas. The launch adds to the rapidly expanding AI-driven peptide and biologic discovery ecosystem that also includes PeptiDream's PDPS platform (Kawasaki-based, constrained cyclic peptide focus with active partnerships across Novartis, Merck, Genentech/Roche, AbbVie, Bristol Myers Squibb, and Eli Lilly), Insilico Medicine's Pharma.AI (31 developmental candidates on the platform, $2.75 billion Lilly collaboration March 2026, $2.5 billion SK Biopharmaceuticals deal June 2026, Takeda strategic collaboration July 2026), Aizen Therapeutics' DaX foundation model (August 15 deal with San Diego public biotech worth up to $100 million per target for oral peptide therapeutics, non-canonical amino acid chemical space at 10x traditional scale), and Isomorphic Labs (Google DeepMind spinout with AlphaFold-derived structural modeling for target validation and small-molecule design). The AI drug discovery category has accumulated more than $8 billion in partnership deal value across 2026 to date, with peptide-focused platforms capturing a substantial share of the total given the growth of the peptide therapeutic modality across obesity (GLP-1 class), rare disease (setmelanotide, palopegteriparatide, vosoritide, avexitide), and oncology (peptide-drug conjugates, radioligand therapies). Network Bio's Palo Alto location adds to the West Coast AI biotech cluster that also includes Recursion, Insitro, and Isomorphic Labs.
Amylyx Pharmaceuticals (NASDAQ: AMLX) shares surged approximately 48.6% over the week to $35.11 (near the 52-week high of $35.39, up roughly 349% year-over-year) on volume exceeding 23.6 million shares Tuesday August 18, 2026, the stock's best day in nearly four years. The rally followed Monday's LUCIDITY Phase 3 primary endpoint hit for avexitide (exendin 9-39, a peptide GLP-1 receptor antagonist administered as 90 mg once-daily subcutaneous injection) documenting a 55% reduction in the composite of Level 2 and Level 3 hypoglycemic events versus placebo (p=0.000003) in post-bariatric hypoglycemia. Amylyx concurrently priced a $350 million underwritten public offering of common stock. Use of proceeds: avexitide commercial launch preparation (Q4 2026 NDA submission, potential 2027 launch if approved), NDA submission activities, broader pipeline advancement including AMX0318 IND-enabling studies, and general corporate purposes. The offering adds immediate dilution risk to the extended rally but positions Amylyx for the multi-quarter launch execution ahead. Analyst price target lifts: Guggenheim raised to $55 from $40 while maintaining Buy; Mizuho analyst Graig Suvannavejh raised to $30 from $24 while maintaining Outperform; H.C. Wainwright raised to $20 from $16. Seeking Alpha upgraded coverage to Strong Buy citing LUCIDITY outcome, avexitide commercial trajectory, and additional 2026 catalysts. The re-rating pattern is typical for first-in-class Phase 3 wins in serious rare-disease indications with no currently approved competitor.
Silence Therapeutics (NASDAQ: SLN) announced the closing of its upsized $201.3 million underwritten public offering of American Depositary Shares. Terms: priced August 11 at $13.50 per ADS for 12,962,963 ADSs. The underwriters (Jefferies, Morgan Stanley, Cantor Fitzgerald, and William Blair as joint book-running managers) fully exercised their 30-day option to purchase an additional 1,944,444 ADSs, bringing the total offering to 14,907,407 ADSs and gross proceeds to approximately $201.3 million. The financing follows the August 10 Phase 2 SANRECO trial win in polycythemia vera with divesiran (first-in-class TMPRSS6-targeting siRNA that increases hepcidin production to restrict iron availability to bone marrow) achieving an 88% response rate versus 19% on placebo (P<0.0001, 69% placebo-adjusted response rate) in 48 phlebotomy-dependent patients over 36 weeks. Use of proceeds: advance divesiran into Phase 3 (planned initiation H1 2027 evaluating Q12W dosing versus placebo) plus broader pipeline progression including hepatic-target GalNAc-conjugated siRNA portfolio across TMPRSS6, complement component 3 (SLN-124/SLN-501), and other liver-targeted RNAi candidates. Divesiran has FDA Fast Track and Orphan Drug designations for polycythemia vera.
The Amylyx LUCIDITY win establishes GLP-1 receptor antagonism as a new commercial category in peptide therapeutics, distinct from the semaglutide-tirzepatide-retatrutide GLP-1 agonist class. Mechanistic contrast: agonists (semaglutide, tirzepatide, retatrutide, orforglipron, ribupatide) bind and activate the GLP-1 receptor to reduce appetite and slow gastric emptying, producing the substantial weight loss that anchors the obesity drug class. Antagonists (avexitide, and the follow-on AMX0318) bind the same receptor without activating it, blocking excessive endogenous GLP-1 signaling that drives disease. Indication set: post-bariatric hypoglycemia (PBH, affecting roughly 8% of Roux-en-Y gastric bypass patients long-term as a serious postprandial hypoglycemia complication driven by GI anatomy reconfiguration and the resulting exaggerated GLP-1 response after meals), congenital hyperinsulinism (a rare pediatric disease of pancreatic islet-cell dysregulation), and certain tumor-related hyperinsulinemic hypoglycemia (rare islet-cell tumors). Commercial framing: the category is smaller than the agonist class by patient count but the rare-disease indications support substantially higher per-patient pricing (typical rare-disease pricing at $200,000 to $500,000 per patient per year versus obesity-drug list prices around $12,000 to $15,000 per year), faster FDA pathway under Breakthrough Therapy Designation (which avexitide holds), and less competition. The Amylyx franchise anchors this category with avexitide going to NDA by end 2026 plus AMX0318 IND filing planned 2027 to extend into longer-acting formats.
Aizen Therapeutics announced a multi-program collaboration with a San Diego-based public biotech to design oral peptide therapeutics using its DaX foundation model. Deal terms: several million dollars in initial revenue plus up to $100 million in milestones for each nominated target. The collaboration will develop proof of activity with the DaX platform for well-known disease-relevant targets in immunology and neurology indications, with the potential to expand the roster of targets over time. The DaX platform has been trained on millions of uniquely annotated molecules and receptors and explores the non-canonical amino acid (ncAA) peptide chemical space at 10x the scale of traditional ncAA discovery methods. Non-canonical amino acids extend beyond the standard 20 natural amino acids to include modified building blocks that give peptides properties (metabolic stability, membrane permeability, oral bioavailability) that natural peptides do not have; this is essential for the oral peptide therapeutics that the collaboration targets. DaX positions Aizen as one of the more substantial AI-driven peptide discovery platforms alongside PeptiDream's PDPS system (Kawasaki-based, constrained cyclic peptide focus with active collaborations across Novartis, Merck, Genentech, AbbVie, and Eli Lilly), Isomorphic Labs (Google DeepMind spinout with AlphaFold-derived structural modeling), and Insilico Medicine's Pharma.AI (which has secured over $5 billion in partnership deal value across 2026). The collaboration adds to the growing evidence that AI-designed peptides are becoming a distinct drug discovery category with real deal-flow.
LEO Pharma announced Tuesday August 18, 2026 an agreement to acquire worldwide rights to dersimelagon (formerly MT-7117) from Japanese drugmaker Mitsubishi Tanabe Pharma. Dersimelagon is a selective melanocortin-1 receptor (MC1R) agonist small-molecule compound being developed for erythropoietic protoporphyria (EPP) and X-linked erythropoietic protoporphyria (XLEPP), rare inherited photodermatoses in which patients develop severe skin pain and burning after light exposure. Dersimelagon is currently in Phase 3 trials across multiple rare photodermatoses indications. The mechanism: MC1R agonism stimulates skin cells (melanocytes) to produce more melanin, which absorbs light and reduces the pain-generating reaction to sun exposure that characterizes EPP. Dersimelagon represents an oral small-molecule alternative to the currently-approved injectable melanocortin-axis therapies including Clinuvel's Scenesse (afamelanotide, an alpha-MSH analog peptide administered as a subcutaneous implant for EPP, approved US 2019) and adjacent to Rhythm Pharmaceuticals' IMCIVREE (setmelanotide, an MC4R agonist peptide for rare genetic obesity syndromes and acquired hypothalamic obesity, approved US 2020 with the acquired hypothalamic obesity extension approved June 2026). The LEO Pharma acquisition extends the melanocortin therapeutic franchise landscape and positions LEO for a broader dermatology and rare-disease portfolio alongside its existing psoriasis and atopic dermatitis commercial franchises. Financial terms were not fully disclosed. The transaction adds to the growing melanocortin-axis drug development activity across peptide (afamelanotide, setmelanotide, melanotan II) and small-molecule (dersimelagon) modalities.
Seoul Economic Daily published Monday August 17, 2026 a market synthesis on the obesity drug runner-up field. Key runners-up positioning for 2027-2028 approval filings behind Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO): Structure Therapeutics (NASDAQ: GPCR) with aleniglipron (once-daily oral small-molecule GLP-1 receptor agonist) expected to initiate Phase 3 in H2 2026; Amgen (NASDAQ: AMGN) with MariTide (once-monthly injectable dual GIPR antagonist / GLP-1 agonist) now positioned as the sole obesity focus after the July 29 Q2 disclosure that Amgen halted AMG 513 Phase 1 development to concentrate resources on the MariTide MARITIME Phase 3 program; and Pfizer (NYSE: PFE) with danuglipron oral GLP-1 receptor agonist plus the Metsera acquisition pipeline. Amgen expects to apply for MariTide regulatory approval in late 2026 to early 2027. The Amgen MariTide Phase 3 program covers obesity (MARITIME-1) plus obesity and type 2 diabetes (MARITIME-2), with additional Phase 3 studies exploring cardiovascular disease, heart failure, kidney disease, and obstructive sleep apnea. The sorting of winners from losers based on Phase 3 results will begin in earnest starting next year as the field competes on efficacy, safety, delivery format, and price for market share behind Lilly's Zepbound-Mounjaro-Foundayo franchise and Novo's Wegovy-Ozempic franchise.
TJ Biopharma and Biogen said China's National Medical Products Administration approved felzartamab for injection, branded Jingfei, on Thursday, August 13, 2026 for use with lenalidomide and dexamethasone in adults with multiple myeloma who have received at least one prior line of therapy. It is the anti-CD38 antibody's first approval anywhere; TJ Biopharma submitted the application in December 2024. In April 2026 Biogen agreed to pay $100 million upfront and up to $750 million in milestones for TJ Biopharma's Greater China rights, giving Biogen worldwide rights; Biogen handles commercialization in the region, and TJ Biopharma manufactures the drug at its Hangzhou facility. Outside China, Biogen is testing felzartamab in Phase 3 trials in antibody-mediated rejection after kidney transplant, IgA nephropathy, and primary membranous nephropathy.
PeptiDream Inc. (TSE: 4587), the Kawasaki-based peptide discovery platform company, announced the appointment of three new Executive Vice Presidents. The leadership restructure accompanies the company's multi-year deal-book growth and the increasing preclinical-to-clinical progression of its partnered peptide programs. Company background: PeptiDream operates the Peptide Discovery Platform System (PDPS), a proprietary technology for designing constrained cyclic peptides. PDPS uses genetic-code reprogramming to generate trillion-scale diverse libraries of non-standard peptides (containing modified amino acids not found in natural proteins), which are then screened to identify molecules that bind target proteins with high affinity and specificity. Applications span oncology (peptide-drug conjugates, radioligand-conjugated peptides), immunology (novel immune-modulating peptides), and rare disease peptide drug development. Partnership book: PeptiDream has active collaborations with Novartis (multiple targets), Merck (peptide-radioligand programs), Genentech/Roche (immuno-oncology), AbbVie (multiple targets), Bristol Myers Squibb, Eli Lilly (including the recent obesity-adjacent partnership), and multiple mid-cap biopharmaceutical companies. The constrained cyclic peptide modality PeptiDream specializes in sits between traditional linear peptides (subject to protease degradation and short half-lives) and small-molecule drugs (limited target diversity), and has grown as a distinct drug modality throughout the 2020s as GLP-1 and other peptide successes have expanded the industry's willingness to invest in peptide chemistry platforms.
Silence Therapeutics (NASDAQ: SLN) closed its upsized $175 million underwritten public offering of American Depositary Shares (ADSs) following the August 10, 2026 Phase 2 SANRECO trial win in polycythemia vera. Trial anchor: divesiran achieved 88% response versus 19% on placebo (P<0.0001, 69% placebo-adjusted response rate) in 48 phlebotomy-dependent patients over 36 weeks. Offering mechanics: priced August 11 at $13.50 per ADS for 12,962,963 ADSs. The underwriters (Jefferies, Morgan Stanley, Cantor Fitzgerald, and William Blair as joint book-running managers) fully exercised their 30-day overallotment option for an additional 1,944,444 ADSs, bringing the total offering to 14,907,407 ADSs and gross proceeds to approximately $175 million. The financing provides the capital to advance divesiran into Phase 3 (planned initiation H1 2027) plus broader pipeline progression including the GalNAc-conjugated hepatic-target siRNA portfolio across TMPRSS6, complement component 3 (SLN-124/SLN-501), and other hepatic and extrahepatic targets. Divesiran has FDA Fast Track and Orphan Drug designations for polycythemia vera; the transferable-voucher secondary market and the recently completed Arrowhead $215 million Priority Review Voucher purchase provide comparable references for the broader siRNA regulatory-instrument landscape.
BridgeBio Pharma (NASDAQ: BBIO) priced a 5,000,000-share secondary offering of common stock on Friday August 14, 2026 on behalf of selling stockholder KKR Genetic Disorder L.P. at the August 13 closing price of $81.21 per share on Nasdaq. The implied secondary-market proceeds to KKR total roughly $406 million. BridgeBio is not selling any shares and will not receive any of the proceeds; the transaction diversifies BridgeBio's institutional shareholder base as KKR reduces its position following a multi-year holding period. The offering is expected to close August 17, 2026 with William Blair, Goldman Sachs & Co. LLC, and KKR Capital Markets LLC as joint book-running managers. The BridgeBio pipeline includes infigratinib, an investigational oral FGFR inhibitor for achondroplasia that, if approved, would compete with BioMarin's Voxzogo (vosoritide, daily subcutaneous C-type natriuretic peptide analog) and Ascendis's newly-launched YUVIWEL (weekly TransCon C-type natriuretic peptide). The three-way competitive dynamic in pediatric achondroplasia now involves daily-injectable (Voxzogo), weekly-injectable peptide (YUVIWEL), and, pending FDA review, oral small-molecule (infigratinib) options, and the BridgeBio franchise is positioned at the small-molecule end of that spectrum. Although infigratinib is not itself a peptide analog, the achondroplasia commercial category is one of the fastest-growing peptide-adjacent pediatric-rare-disease indications following the July 8, 2026 New England Journal of Medicine publication of the Ascendis TRANSCEND trial results and the June 2026 YUVIWEL FDA approval.
The broader peptide contract development and manufacturing organization (CDMO) consolidation wave continues across August 2026 with three concurrent developments. First, Samsung Biologics' pending $1.8 billion all-cash tender offer for PolyPeptide Group AG at CHF 44.31 per share (CHF 1.46 billion total equity value, 40% premium to undisturbed share price) advances toward closing: the formal tender offer prospectus is expected to be published by end of August 2026 following Draupnir Holding B.V. (55.65% stake) commitment to tender and PolyPeptide's Board of Directors unanimous recommendation, with closing expected toward end of 2026. Second, Gland Pharma and Neuland Laboratories announced August 11, 2026 a long-term sterile API manufacturing partnership in Visakhapatnam, India, extending India's growing role as a peptide API manufacturing hub. Third, Bachem, CordenPharma, and AmbioPharm continue capacity build-outs. Collective capacity positioning targets the multi-billion-dollar demand wave from semaglutide and tirzepatide commercial-scale API (roughly $17 billion combined active pharmaceutical ingredient market by 2028 per industry estimates) plus retatrutide, amycretin, VK2735, ribupatide, and next-generation combination peptide Phase 3 programs. The consolidation trajectory suggests peptide CDMO capacity concentration among a smaller number of large operators through the end of the decade, with the Samsung acquisition of PolyPeptide as the anchor transaction.
Ascendis Pharma (NASDAQ: ASND) shares fell approximately 2.4% premarket Friday August 14, 2026 to $249.28 (compared to Thursday close of $255.46) despite reporting Q2 2026 EPS of $2.83 (beating the $1.51 analyst consensus by 87%) on revenue of $339.3 million (beating the $326.5 million consensus). Q2 2026 product revenue reached €315 million (+105% year-over-year) led by YORVIPATH (palopegteriparatide) at €252 million, SKYTROFA (lonapegsomatropin) at €55 million, and YUVIWEL (TransCon CNP for achondroplasia) at €8 million in its first US quarter with 220+ patient enrollments through July 31. The company ended Q2 2026 with €812 million in cash, no bank or convertible debt, and expects to generate more than €500 million in operating cash flow this year. The market response reflects investors balancing the substantive beat against the ongoing International Trade Commission (ITC) patent-infringement case brought by BioMarin Pharmaceutical (NASDAQ: BMRN) over the YUVIWEL launch. BioMarin owns U.S. Patent No. RE48,267 covering peptide analog variants including its FDA-approved Voxzogo (vosoritide). A first ITC opinion is expected in August 2026 following the March 26, 2026 Federal Circuit ruling in Ascendis Pharma A/S v. BioMarin Pharmaceutical Inc. that a party cannot use voluntary dismissal to restart a statutory deadline it already missed. The case represents the first substantive peptide-vs-peptide patent battle in the achondroplasia commercial category.
Kailera Therapeutics (NASDAQ: KLRA) received sweeping positive analyst coverage following its August 12, 2026 Q2 2026 earnings report. Kailera confirmed an active Investigational New Drug (IND) application with the FDA for ribupatide oral (KAI-9531-T) and global Phase 3 obesity trials planned for H1 2027. Analyst response: according to 6 analysts, the average rating for KLRA stock is Strong Buy, with a 12-month average price target of $42.60 representing 82.83% upside from the $17.95-$19.50 trading range on August 13-14. Named ratings include TD Cowen at Buy with a $57 price target, Evercore ISI at Outperform, and William Blair at Outperform. The company holds cash, cash equivalents, and marketable securities expected to support execution of multiple clinical milestones with runway into mid-2028. Ribupatide mechanism: a once-weekly GLP-1/GIP dual agonist peptide (mechanistically similar to Eli Lilly's tirzepatide) with the ribupatide injection Phase 2 trial reaching 23.6% mean weight loss at 8 mg over 36 weeks, and the oral formulation reaching up to 12.1% weight loss with 38.6% of participants achieving at least 15% loss at Week 26 in Hengrui's Phase 2 trial. The Phase 2b high-dose injection trial in obesity is fully enrolled with data anticipated in mid-2027.