Revelation of the case data of a new weight-loss drug for the first time by Lai Kai. Lai Kai Pharmaceutical (02105) has become the "leader" in China for the ActRII target.

On February 12, 2025, Nature published a news feature "Dozens of new obesity drugs are coming: these are the ones to watch. The article introduces several new weight-loss drugs currently in development that are worth paying attention to, among which Eli Lilly's Bimagrumab, as one of the only two non-GLP-1 class target drugs mentioned in the article, disclosed some very encouraging case data for the first time. The article mentions a patient from New Zealand, Kristian Cook, who weighed 114 kilograms at the time and needed to take multiple medications daily for high cholesterol, hypertension, and gout. At the end of 2022, Cook, 46, joined a clinical trial testing a combination therapy of the weight-loss drug semaglutide and an experimental drug -- Eli Lilly's Bimagrumab, designed to maintain muscle mass during the fat loss process. For individuals using obesity drugs like semaglutide, muscle loss is one of the main side effects. GLP-1 receptor agonists like semaglutide perform well in suppressing appetite and regulating metabolism, but the energy deficit caused by reduced calorie intake will force the body to compensate by consuming muscle mass. Data shows that approximately one-third of the weight loss effects from using semaglutide or liraglutide come from muscle loss rather than fat consumption. Muscle loss can cause many problems for patients. On one hand, the decrease in muscle mass affects body appearance and weakens strength, mobility, and overall physiological health. On the other hand, muscles play a critical role in blood sugar regulation and energy consumption, and muscle loss can greatly affect the effectiveness of weight loss and is one of the main obstacles to sustainable weight loss. Muscle-targeted therapies like Bimagrumab, targeting the pain points of GLP-1 class drugs, are becoming a popular direction in the next generation of weight-loss drugs. After taking semaglutide and Bimagrumab from United Therapeutics Corporation for nearly a year, Cook successfully lost 18 kilograms of fat while gaining 1 kilogram of muscle. After discontinuing the drugs, although there was some fat rebound, Cook maintained a weight more than 10% lower than his peak weight and his muscle mass remained relatively stable. "This has changed my life," he exclaimed. The 500-person clinical trial of Bimagrumab combined with semaglutide that Cook participated in has been completed, and so far, Eli Lilly has not disclosed the results of this clinical trial. This report by Nature may be the first to provide partial information about this clinical trial and officially disclose it in an authoritative publication. As of October 16, 2024, public information shows that Eli Lilly has officially initiated a Phase 2 clinical trial of Bimagrumab in combination with their own product, liraglutide, for muscle-building and fat-loss. Based on this, it can be inferred that the results of the previous clinical trial combining Bimagrumab with semaglutide were satisfying to Eli Lilly. Metabolism track surges Entering 2025, with major multinational pharmaceutical companies successively announcing their financial reports for 2024, the astonishing fundraising ability of the metabolism track once again becomes the focus of industry attention. Novo Nordisk A/S Sponsored ADR Class B's 2024 financial report shows that the total annual revenue of their entire product range of semaglutide in 2024 was 201.849 billion Danish kroner (approximately US$29.296 billion). This drug narrowly lost to K drug with very slight disadvantage, missing the global best-selling throne by just one step. As another phenomenal drug in the metabolism track, Eli Lilly's liraglutide total product range had a total annual revenue of $16.46 billion in 2024. With just two products, they surpassed more than $45 billion in sales, showcasing the strategic position of the metabolism track in the global pharmaceutical industry. GLP-1 class drugs have been highly successful, but the story of the metabolism track may have just begun. Currently, around the world, pharmaceutical companies, big and small, are engaging in a fierce arms race to develop the next blockbuster product in the metabolism track. ActRII target competition, Chinese pharmaceutical companies take the lead The above Nature news feature mentioned Bimagrumab, an activin II receptor antagonist, which Eli Lilly acquired in July 2023 with a purchase price of nearly $2 billion from the biotech company Versanis, marking Eli Lilly's official entry into the "muscle-building and fat-loss" track. Currently, several pharmaceutical companies worldwide are developing weight-loss drugs targeting the ActRII point, with two of the fastest-developing drugs entering the formal clinical trial stage. Apart from Eli Lilly's Bimagrumab, the other pipeline is LAE102 from Hong Kong-listed biopharmaceutical company Lai Kai Medicine. In June 2024, Lai Kai Medicine's LAE102 (ActRIIA monoclonal antibody) targeting overweight/obesity indications began the Phase I clinical trial in China and dosed the first subject. By December 2024, the clinical trial progressed smoothly, with all 64 subjects completing the Single Ascending Dose study (SAD study) and observing early signs of target binding and expected changes in efficacy biomarkers, with good safety indicators and no adverse reactions such as diarrhea reported. Lai Kai Medicine's rapid progress in the ActRIIA target has even caught the attention of the global giant Eli Lilly, holding Bimagrumab. On November 20, 2024, Lai Kai Medicine and Eli Lilly reached a cooperation agreement, with Eli Lilly supporting and accelerating Lai Kai Medicine's pipeline LAE102 for the treatment of obesity. The above translation provides an overview of the news article discussing the development of new obesity drugs and the advancements in the metabolism track in the pharmaceutical industry.Clinical development of the ball.According to the agreement between both parties, Lilly will be responsible for conducting a Phase I clinical trial in the United States and covering related expenses, while Lai Kai Pharmaceuticals will retain global rights to LAE102. Clearly, there is a strong BD expectation here: once the Phase I clinical trial results meet Lilly's requirements, as a must-have target for ActRIIA, Lilly has every reason to enter into a BD cooperation with Lai Kai. Considering the strong commercial sales prospects of weight loss drugs, as long as positive data is obtained from the Phase I clinical trial of LAE102, regardless of which multinational pharmaceutical company is authorized, the transaction amount could potentially reach record levels in the industry. At the same time, Lai Kai Pharmaceuticals has completed a comprehensive layout in the ActRII target: LAE102 targeting ActRIIA, LAE103 targeting ActRIIB, and LAE123, a dual-target antibody targeting ActRIIA/IIB, which is comparable to Bimagrumab. For Lai Kai Pharmaceuticals, with a current market value of only around 5 billion Hong Kong dollars, this is like receiving a royal flush. In a Chinese innovative drug industry that is accustomed to fast follow-ups, it is rare to see a company leading and comprehensive layout in a global cutting-edge target. In time, can Lai Kai Pharmaceuticals write an industry legend?