Viking Therapeutics reported top-line results from its Phase 2 VENTURE-Oral study, showing that once-daily tablets of VK2735, a dual GLP-1/GIP agonist, cut body weight by up to 12.2% over 13 weeks compared with a 1.3% reduction for placebo. The randomized, double-blind trial enrolled 280 obese or overweight adults, meeting both its primary and secondary endpoints. Across doses above 15 mg, 97% of treated participants lost at least 5% of their baseline weight and up to 80% shed 10% or more. Weight loss was progressive throughout the study, with no plateau observed. Gastro-intestinal events such as nausea and vomiting were the most common side effects; 99% were classified as mild or moderate. Treatment discontinuation reached 28% among VK2735 recipients versus 18% for placebo, a rate higher than the 21.9% reported for Eli Lilly’s experimental oral GLP-1 drug orforglipron in a longer Phase 3 trial. Concerns over tolerability and competitive positioning sent Viking shares down as much as 36% in pre-market U.S. trading, despite management’s view that longer dosing could drive further weight loss. The read-out underscores intensifying competition in the fast-growing oral obesity drug market led by Novo Nordisk and Eli Lilly. Lilly this week tapped the U.S. investment-grade market with a seven-tranche deal that included a rare 40-year bond priced at a 1.05-percentage-point spread over Treasuries, prompting investor speculation that the company is building financial firepower for additional pipeline acquisitions.