Viking Therapeutics Emerges as a Prime Acquisition Candidate Amid Obesity Drug Advancements

Heightened merger and acquisition speculation is converging with significant clinical progress at Viking Therapeutics, propelling the biotech firm into the spotlight. The San Diego-based clinical-stage company is making rapid strides with its obesity treatment pipeline, catching the eye of investors and larger pharmaceutical players alike.

A key driver of the recent optimism is the company's execution speed. Viking Therapeutics recently completed patient enrollment for its Phase 3 VANQUISH-1 trial ahead of schedule and above target. The study, designed to evaluate subcutaneous VK2735 in adults with obesity, enrolled approximately 4,650 participants, surpassing the original goal of 4,500 patients. This marks the second time this year the company has rapidly achieved a recruitment milestone, following the swift enrollment of its Phase 2 VENTURE-Oral Dosing study earlier in the year.

Key details of the VANQUISH-1 trial include:
* Enrollment: Exceeded target with 4,650 participants versus 4,500 planned.
* Timeline: Recruitment finished ahead of schedule after commencing in June.
* Design: A 78-week study with an optional 52-week extension period.
* Dosing: Evaluation of VK2735 at 7.5 mg, 12.5 mg, and 17.5 mg doses against a placebo.

Market Dynamics Fuel Takeover Speculation

The clinical progress has been reflected in the company's market valuation. Viking Therapeutics' shares have surged approximately 34% over the past three months. This rally is underpinned by the fast-paced development of VK2735 and intensifying M&A activity within the lucrative obesity drug sector.

Should investors sell immediately? Or is it worth buying Viking Therapeutics?

The strategic importance Big Pharma places on this market was underscored by Pfizer's recent $10 billion acquisition of obesity drug developer Metsera. That deal, which emerged from a competitive bidding process involving Novo Nordisk, highlights the premium being placed on clinical-stage obesity programs. Analysts at Goldman Sachs project the U.S. obesity drug market could reach a staggering $100 billion by 2030. Viking's candidate, VK2735, is positioning itself to compete with established therapies such as Eli Lilly's Zepbound and Novo Nordisk's Wegovy.

Financial Position Supports Ongoing Pipeline Development

Viking Therapeutics enters this pivotal period with a solid balance sheet. The company concluded the third quarter of 2025 with a robust cash position of $715 million. Its research and development investments have scaled significantly, with R&D expenses reaching $191.5 million for the nine-month period.

The net loss for Q3 2025 was reported at $90.8 million, a increase from the $24.9 million loss recorded in the comparable period the previous year. This widening loss is directly attributable to the accelerated clinical development activities across the company's pipeline.

Alongside VANQUISH-1, the parallel Phase 3 trial, VANQUISH-2, continues to enroll patients. This study is targeting approximately 1,100 obese or overweight adults with type 2 diabetes, with recruitment completion expected in early 2026. The company's strong financial reserves provide the necessary runway to advance these critical late-stage studies.