The American bio corporation Metsera is gaining attention worldwide. When it announced that the obesity drug candidate MET-233i had demonstrated weight loss effects in a phase 1 clinical trial, its stock surged by up to 25% during trading on the U.S. stock market on the 10th (local time). The closing price was up by 15.5% compared to the previous day.
Metsera is a startup venture established in 2022 that received Series A and B investments just nine months after its official launch and was listed on Nasdaq at the end of January this year. The obesity drug it is developing differs from the glucagon-like peptide-1 (GLP-1) class, which dominates the global market, making it a promising alternative to overcome the side effects of existing drugs.
◇ Average weight loss of 8.4% after 5 weeks of treatment
Currently, the global obesity treatment market is dominated by Denmark's Novo Nordisk's 'Wegovy' and the U.S.'s Eli Lilly 'Zepbound' (known as Mounjaro in Korea). Both are drugs that mimic glucagon-like peptide (GLP)-1, which is secreted from the intestine after meals. GLP-1 promotes the secretion of insulin hormones that lower blood sugar while inhibiting glucagon, which raises blood sugar, thereby increasing satiety.
The MET-233i being developed by Metsera is a drug that mimics amylin, a hormone secreted alongside insulin in the pancreas, and regulates appetite and increases satiety like GLP-1. It is based on a proprietary technology introduced by Imperial College London in the U.K.
In a clinical trial conducted by Metsera involving 80 non-diabetic obese or overweight adults, participants' weight decreased by an average of 8.4% by the 36th day, which was the fifth week of weekly administration of MET-233i, compared to the placebo group. Some patients experienced weight loss of up to 10.2%.
Steve Marso, the Chief Medical Officer (CMO) of Metsera, noted that 'this result proves that MET-233i is an amylin candidate with excellent weight loss effects and good tolerability.'
The company particularly noted that it confirmed the possibility of a monthly dosing regimen in this clinical trial. Wegovy and Zepbound are both administered once a week, which often leads to patients arbitrarily discontinuing treatment. Metsera is also developing a combination therapy that includes MET-233i and a monthly administered GLP-1 class obesity drug candidate MET-097i.
The company plans to extend the combination clinical trial of MET-233i and MET-097i to 12 weeks to evaluate mid- to long-term effects and tolerability. Additionally, it will present the first clinical data for MET-097i at the American Diabetes Association (ADA) meeting to be held from the 20th to the 23rd. Results of the combination clinical trial with MET-233i are expected to be announced later this year or in early 2026.
◇ Competition in developing amylin class obesity drugs following GLP-1
Typically, the successful clinical trial results of a pharmaceuticals and bio corporation can negatively affect the stock prices of competing companies. However, on that day, Novo Nordisk's stock rose by about 5% compared to the previous day, while Eli Lilly's stock rose by about 4% at closing. This is because both are also developing new drug candidates that mimic amylin.
Novo Nordisk is developing a dual-action drug, CagriSema, which simultaneously mimics both amylin and GLP-1 principles. The company plans to present the results of the phase 3 clinical trial for CagriSema for the first time at the American Diabetes Association (ADA) conference starting on the 20th. Eli Lilly is also developing an amylin class obesity drug called 'Eloralintide' and expects to complete phase 2 clinical trials by September.
Pharmaceutical and bio corporations are optimistic that they can maximize appetite control effects through amylin, which has a different mechanism of action than GLP-1. Amylin has shown a more pronounced effect in inhibiting glucagon, which raises blood sugar after meals.
Combination drugs that include amylin can also overcome side effects and tolerance limits associated with GLP-1 obesity drugs. GLP-1 obesity treatments have shown side effects such as nausea, vomiting, and gastric paralysis in some patients, as well as decreased treatment effectiveness due to tolerance. It is believed that developing a combination drug targeting both GLP-1 and amylin can enhance weight loss effects and reduce side effects and tolerance.
Moreover, the GLP-1 class obesity drugs are facing increased competition with many companies entering the market, and the expiration of patents is approaching. The patents for major GLP-1 analogs, starting with Novo Nordisk's Saxenda (ingredient name liraglutide), are expected to expire between 2026 and 2032.
Metsera is also jointly developing an obesity treatment drug candidate technology of the domestic corporation D&D Pharmatech. In 2023, it signed a technology transfer contract worth 550 billion won with D&D Pharmatech, acquiring six GLP-1 class obesity drug candidates. Among these, MET-097o and MET-224o are being developed as oral medications, aiming to enter phase 1 clinical trials within this year.