The obesity-therapeutics race is often framed as Eli Lilly vs. Novo Nordisk, but a handful of smaller companies are developing credible alternatives. The clearest challenger right now is Viking Therapeutics, whose lead asset VK2735 is a dual GLP-1/GIP receptor agonist being developed in both injectable and oral formulations. Phase 2 data from the subcutaneous program showed 14.7% weight loss at just 13 weeks, and the oral program is advancing in parallel. The clinical story is still early, but the numbers so far compare favourably with tirzepatide at matched time points.
Key Takeaways
- Same class as tirzepatide: VK2735 is a GLP-1 and GIP receptor dual agonist — the same mechanism as Zepbound.
- Two formulations in development. Weekly subcutaneous injection and a daily oral peptide tablet (based on a different absorption-enhancement approach).
- 13-week Phase 2 (subcutaneous): up to 14.7% mean weight loss at the highest dose — unusually strong for such a short follow-up window.
- Phase 2 oral trial (VENTURE-Oral) reported: 8.2% weight loss at 28 days in Phase 1 cohorts, with Phase 2 in progress.
- Smaller-cap play. Viking does not have Lilly or Novo's manufacturing or commercial infrastructure — the clinical story matters more than the commercial story at this stage.
- Partnership or acquisition potential. Multiple analysts have flagged VK2735 as a likely strategic target given the pipeline value and Viking's scale.
Why VK2735 Caught the Market's Attention
The February 2024 Phase 2 VENTURE readout changed how the obesity pipeline was priced overnight. In a 13-week trial, VK2735 subcutaneous drove ~14.7% mean weight loss at the top dose. For context: at 13 weeks, tirzepatide typically shows ~10%, semaglutide shows ~6–7%. The slope was steeper than existing injectables at matched time points, and importantly the curve did not appear to be plateauing by study end.
Viking's share price roughly tripled in the days following the readout. The analyst thesis coalesced: a credible second-generation GLP-1/GIP dual agonist with a steeper weight-loss trajectory than Zepbound, in a company small enough to be acquired at a meaningful premium.
The Injectable (Subcutaneous) Program
The VENTURE Phase 2 trial enrolled 176 adults with obesity (BMI ≥ 30, or BMI ≥ 27 with comorbidity), without diabetes. Patients were randomised to VK2735 at 2.5 mg, 5 mg, 10 mg, 15 mg (titrated), or placebo, injected weekly for 13 weeks. Primary endpoint: percent change from baseline body weight.
Headline results at week 13:
- VK2735 15 mg: –14.7% body weight
- VK2735 10 mg: –13.1%
- VK2735 5 mg: –10.9%
- Placebo: –1.7%
A substantially longer Phase 3 program (VANQUISH) is underway, following patients out to 78 weeks. Interim and final readouts will determine whether the steep early slope translates into class-leading long-term weight loss, or whether the trajectory flattens like other GLP-1s do between weeks 24 and 72.
The Oral Program
Oral peptide delivery is the harder half of the pipeline, but it's also the half where the market opportunity is largest. The oral VK2735 program is designed to deliver the same molecular mechanism as the injectable in a daily tablet.
Phase 1 results across 28 days showed up to 8.2% mean weight loss at the top dose — an unusually strong signal for a 28-day oral peptide trial. VENTURE-Oral Phase 2 is enrolling, with multi-month readouts expected in 2026. If oral VK2735 reaches ≥10% weight loss at 24 weeks with manageable tolerability, it has a plausible path to approval and a commercial profile distinct from orforglipron (which is a small molecule, not a peptide).
Safety and Tolerability
Across both formulations, the adverse event profile is a textbook GLP-1 class profile: nausea, vomiting, constipation, diarrhea, dominated by titration-phase events. Discontinuation rates in Phase 2 were comparable to Phase 2 data from other GLP-1s at matched doses.
Two watchpoints for Phase 3:
- Hepatic safety. One Phase 1 oral cohort flagged ALT elevations in a small subset — Phase 2 and 3 monitoring will quantify.
- Dose-response durability. Steep early weight loss sometimes comes with steeper plateau or earlier adaptive signalling. Longer trial data will resolve this.
How VK2735 Fits in the Competitive Landscape
VK2735 competes directly with tirzepatide on mechanism and target product profile. Where it stands out:
- Oral companion in development. Lilly's oral strategy centres on orforglipron (small molecule, GLP-1-only). An oral peptide dual agonist would be a different offering.
- Phase 2 slope. The steepness of the 13-week curve suggests either a dose-response advantage or a titration-schedule effect — Phase 3 will tell.
- Strategic flexibility. Viking's size means acquisition is on the table. A big-pharma buyer could accelerate development or expand indications.
Where it faces headwinds:
- Manufacturing scale. Peptide manufacturing at obesity-market scale is a problem solved by Lilly and Novo but not by Viking alone.
- Commercial infrastructure. Branded obesity drugs require sales organisations, patient-support programs, and payer relationships that take years to build.
- Head-to-head risk. If VK2735 Phase 3 lands at or below tirzepatide, the differentiation argument weakens.
Frequently Asked Questions
Is VK2735 the same mechanism as tirzepatide?
Yes — both are GLP-1 and GIP receptor dual agonists. The molecules are structurally different peptides, but they target the same two receptors.
Is the oral form a small molecule or a peptide?
A peptide, delivered using an absorption-enhancement formulation. This differs from orforglipron (a small-molecule drug) and from Rybelsus (semaglutide formulated with SNAC absorption enhancer). The oral VK2735 approach is closest in philosophy to Rybelsus but structurally distinct.
When could VK2735 be approved?
No regulatory submission exists yet. Phase 3 readouts are expected 2026–2027, which would put approval in 2027–2028 at the earliest, assuming positive data and no regulatory delays.
Would VK2735 be cheaper than tirzepatide?
Unknown. Peptide manufacturing cost structures are similar across the class. Pricing is a commercial strategy question, not a chemistry question, and depends on whether Viking develops independently or partners with/is acquired by a larger company.
How does oral VK2735 compare to orforglipron?
Orforglipron is a small-molecule GLP-1-only drug (~12.4% weight loss at 72 weeks). Oral VK2735 is a peptide GLP-1/GIP dual agonist. If VK2735's dual agonism translates into a higher ceiling, it would differentiate the oral market by efficacy — but no head-to-head data exists.
Is Viking Therapeutics an acquisition target?
Multiple analysts and press reports have discussed this scenario. No deal has been announced as of this writing. Viking has publicly stated it intends to develop VK2735 independently through Phase 3.
Primary sources:
- Viking Therapeutics — VENTURE Phase 2 Topline Results
- Viking Therapeutics Investor News Releases
- ClinicalTrials.gov — VK2735 clinical trials
Research disclaimer: VK2735 is an investigational drug and has not been approved by any regulatory agency. This article summarises publicly available clinical trial data for educational purposes and does not constitute financial, investment, or medical advice.
