Orient: The weight loss market MNC pipeline is complete, with a focus on developing platforms.

Orient released a research report stating that the weight loss market has huge potential and has become a key focus area for multinational corporations (MNCs). With a series of licensing and acquisitions in recent years, top MNCs have established a relatively complete pipeline matrix, and the focus of transactions has quietly shifted. Currently, the pipeline layout of top MNCs is generally complete, clinical trials are progressing rapidly, and the trend now seems to be towards formulation platforms. The report believes that future transaction opportunities in the weight loss field may lie in oral and long-acting formulation platforms and product combinations, with a focus on AMYR and multi-target therapies. Key points from Orient's perspective are as follows: Weight loss transaction heat remains strong, focus shifting quietly The global weight loss drug market has huge potential, with IQVIA forecasting a market size of $130 billion by 2034. It has become a competitive area for MNCs, with the total transaction amount in the weight loss sector exceeding $20 billion in 2026, reaching a new high. MNCs' focus on weight loss transactions has shifted from single products to platforms and product combinations, with transactions focusing on these types of targets since 2025. Giants like Lilly, Novo Nordisk continue to expand their platform layouts, while other MNCs are gradually improving their product portfolios and platform structures. Clear MNC landscape, gaps in oral and long-acting formulations Through intense licensing and merger transactions in recent years, the top MNCs have nearly completed their weight loss product matrices, targeting different obese populations with a range of products. From a clinical progress perspective, all MNC pipelines are progressing smoothly. However, there are still significant gaps in oral and long-acting formulations in the market. In terms of platforms, Lilly and Novo Nordisk have both set up drug discovery and formulation platforms, including oral and long-acting formulations, while other MNCs have gaps in this area. The report believes that oral and long-acting formulations will play an important role in the future of the weight loss field. Considering that the product portfolios of top MNCs are more advanced, future transaction opportunities may mainly lie in oral and long-acting formulation platforms, as well as product combinations, with a focus on AMYR and multi-target medications. Leading domestic layouts, scarce high-quality targets Domestic companies have advantages in these areas: many companies have set up oral peptide formulation platforms, some of which have better bioavailability than oral semaglutide; the domestic quantity of AMYR and multi-target oral drug pipelines is superior, with Gelipharma, Shuodibio, and Borui Bio leading in numbers; there are fewer long-acting formulation platforms, with top companies showing competitive advantages, with most half-lives of representative pipelines being over a week, with Gelipharma's ULAP platform showing significantly longer half-lives in preclinical data; the pipelines for AMYR and multi-target long-acting drugs are scarce, with Gelipharma achieving full coverage of core targets (combinations). Recommendations include focusing on companies related to these areas, with relevant targets including: ASCLETIS-B, Gan & Lee Pharmaceuticals, Hybio Pharmaceutical, Borui Bio, Guangdong Zhongsheng Pharmaceutical, Tonghua Dongbao Pharmaceutical, and CSPC PHARMA. Risk factors include the risk of failure in innovative drug development, increased market competition, and risks related to commercializing innovative drugs.