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开源证券:MNC加速布局减重降糖千亿美金赛道 开启BD黄金窗口期
Zhi Tong Cai Jing· 2025-06-20 03:48
Group 1 - The core viewpoint is that improving patient compliance and high-quality weight loss will become the new direction for the development of next-generation weight loss and diabetes drugs, with Chinese companies leading globally in pipeline quantity and quality in oral, ultra-long-acting, multi-target, and combination therapies [1] - Multinational corporations (MNCs) are accelerating their layout in the weight loss and diabetes market, which is projected to exceed $100 billion, creating a golden opportunity for business development (BD) [1] - GLP-1 receptor agonists (GLP-1RA), represented by semaglutide and tirzepatide, are transforming the treatment paradigm for diabetes and obesity, with global sales expected to exceed $150 billion by 2031 [1] Group 2 - To enhance patient compliance, the focus is on oral GLP-1RA drugs and ultra-long-acting medications, with several promising pipelines in development [2] - Oral pipelines include small molecules and peptide drugs, with notable progress from companies like Eli Lilly and Novo Nordisk, while ultra-long-acting formulations are being developed to reduce dosing frequency and simplify treatment [2] - Current ultra-long-acting weight loss drugs in development include Amgen's MariTide and Metsera's MET-097i and MET-233i, which aim for dosing intervals of every 4 weeks [2] Group 3 - High-quality weight loss drugs are being developed through multi-target approaches and special target combination therapies, which can overcome the limitations of single-target therapies [3] - Multi-target weight loss drugs activate or inhibit multiple metabolic receptors, enhancing weight loss effects, metabolic improvement, and patient compliance [3] - Popular targets for development include GIPR, GCGR, and AMYR, with the potential for combination therapies to set new standards in weight loss by improving metabolic health and preserving lean body mass [3]