Analysts at William Blair say dapiglutide’s 11.6% weight reduction at 28 weeks could still be better, given that Zealand’s study predominantly included men and enrolled patients with lower BMI at baseline.
Zealand Pharma’s investigational obesity therapy dapiglutide reduced body weight by more than 11% after 28 weeks of treatment in an early-stage study. That’s an effect analysts say might even be an “underrepresentation” of its true weight-loss potential.
Writing to investors on Wednesday, William Blair analysts flagged the “atypical patient characteristics” in Zealand’s study: that 93% of its participants were male. “Given that females tend to experience a greater degree of weight loss, the reported weight loss may provide an underrepresentation of the degree of weight loss that could be observed in a more representative population.”
Unlike other obesity trials, Zealand’s study also had a “relatively low baseline body weight” of 91.9 kg, according to the analysts, who noted that this could have “exacerbated” the underestimation of dapiglutide’s weight-loss efficacy.
Dapiglutide’s formulation includes GLP-2, which the analysts said could help target inflammation. “This could be particularly beneficial in addressing weight-related comorbidities, such as leaky gut,” they continued. “Inflammation triggered by obesity can increase the risk of cardiovascular disease, liver disease, and neuroinflammation.”
Wednesday’s topline readout comes from the second part of a Phase Ib multiple-ascending dose study, which enrolled 30 patients who were given either dapiglutide or placebo. Mean body weight dropped by 11.6% at 28 weeks of treatment with dapiglutide, whereas placebo comparators lost 0.2% of their weight over the same time period. Patients were not asked to implement lifestyle modifications, including changes in diet or exercise.
The study found dapiglutide to be safe and well-tolerated, with no severe or serious treatment-emergent adverse events. Side effects were consistent with the incretin class of therapies and were mostly mild or moderate in severity.
With Wednesday’s readout, Zealand further beefs up its obesity pipeline, which is anchored by the amylin analog petrelintide. That asset, designed to be delivered subcutaneously, is currently in Phase IIb development for overweight and obese patients with type 2 diabetes. Phase Ib data released in June 2024 demonstrated an 8.6% mean weight-loss after 16 weeks of treatment.
In March, Roche dropped $1.65 billion on the spot—and made a potential $2.4 billion pledge in milestones—to gain access to petrelintide, giving the pharma the right to co-develop and co-commercialize the asset. Roche and Zealand will split profits and losses 50/50 in the U.S. and Europe, while Roche will take charge everywhere else and give Zealand tiered double-digit royalties.
The prospects of this partnership seem bright, at least according to William Blair. In the Wednesday note, analysts wrote “we believe that Zealand is well positioned to capture market share in the obesity space with lead asset petrelintide. In our view, the candidate has demonstrated encouraging initial weight loss and safety data in Phase Ib studies.”
