New York, January 14, 2026, 13:46 EST — Regular session
Shares of Structure Therapeutics (GPCR) jumped roughly 7.5% Wednesday, as traders returned to small-cap obesity drugmakers. The stock climbed to $83.76, trading over 1 million shares.
This shift is crucial as investors wager the weight-loss craze will move from weekly injections to pills, reshaping the buyout landscape. A Novo Nordisk executive told Reuters that oral pills might claim “a third-plus” of the GLP-1 market by 2030. Reuters
Deal rumors picked up steam on Wednesday after a Bloomberg report, highlighted by TheFly, quoted Novo Nordisk CEO Mike Doustdar saying, “We’re in the market for big or small.” He hinted the company might “go very big” if the right asset comes along. TipRanks
Shares of other obesity-focused developers also moved higher. Viking Therapeutics (VKTX) jumped around 14%, and Terns Pharmaceuticals (TERN) rose close to 10.5%. Meanwhile, Novo Nordisk (NVO) slipped roughly 2%, and Eli Lilly (LLY) edged down about 1.4% in U.S. trading.
Structure aims to stake its claim as a pill contender. In December, the company released mid-stage (Phase 2b) data on its once-daily oral GLP-1 drug aleniglipron, showing placebo-adjusted weight loss of 11.3% at 36 weeks for the 120 mg dose—though 10.4% of patients discontinued due to adverse events. An exploratory study pointed to even higher weight loss, up to 15.3%, at 36 weeks with a 240 mg dose. CEO Raymond Stevens said the topline numbers demonstrated aleniglipron “delivered clinically meaningful” weight loss. Study steering committee chair Julio Rosenstock noted the absence of a plateau by Week 36 was “very encouraging.”
The company is expanding its obesity pipeline beyond GLP-1. In December, Structure launched a first-in-human Phase 1 trial for ACCG-2671, an oral small-molecule amylin receptor agonist. Chief Scientific Officer Xichen Lin noted that “amylin-based therapies are poised to become an important next-generation component” of obesity treatment.
Structure has demonstrated it can cash in on its intellectual property. Roche agreed to shell out $100 million for a nonexclusive license to certain Structure patents connected to CT-996, an oral GLP-1 drug Roche acquired through its Carmot buyout, Fierce Biotech reported, citing a securities filing. The agreement also features low-single-digit royalties on future net sales of CT-996-related products.
Big pharma is facing its own hurdles. Novo Nordisk warned of tougher conditions abroad, with CEO Doustdar telling Reuters that competition “will take some of that share away.” The company also noted its newly approved daily oral Wegovy demands a 30-minute fast and carries a narrower label compared to Lilly’s experimental pill orforglipron.
But talk doesn’t equal a signed term sheet. Until a deal’s inked or new trial data drops, Wednesday’s gains could reverse fast — and late-stage studies must still show weight loss sticks, all while handling the nausea and vomiting side effects typical of GLP-1 drugs.
Investors are eyeing deal developments at the J.P. Morgan Healthcare Conference, ongoing until Jan. 15, while awaiting Structure’s next update on advancing aleniglipron to Phase 3. According to Nasdaq’s earnings calendar, the company is slated to report around Feb. 26, though that date is generated by an algorithm. Bass, Berry Sims PLC
