Silver Promise Medicine-B (02591) skyrocketed 270% in the dark market, attracting market attention to the GLP-1 track, while PEGBIO CO-B (02565) promising growth in undervalued areas.

In recent years, the global market for glucagon-like peptide-1 receptor agonists (GLP-1) has continued to expand, with GLP-1 drugs expected to dominate the global drug sales rankings in 2024, surpassing $50 billion in sales revenue. In the first quarter of 2025 alone, the global transaction volume in the related field reached $13.024 billion, close to the total for the previous year, highlighting the sharp increase in the global weight-loss drug market. The GLP-1 track is thriving and receiving high attention from the market. Recently, Yinnuo Medicine-B (02591), which focuses on the development of GLP-1 drugs, went public with a market value exceeding $32.4 billion HKD, reflecting the capital market's interest in the GLP-1 drug track and the market for endocrine disease treatment. In fact, there are premium targets in the GLP-1 drug track in the current Hong Kong market, with PEGBIO CO-B (02565) being a scarce high-value target. Recently, Piger BioPharma has also experienced a wave of stock price increases, with a latest market value of $9.3 billion, much room for growth compared to Yinnuo Medicine-B's $32.4 billion market value in the same industry, demonstrating market recognition of the company's long-term value. As a biotechnology company focused on the research and development of innovative therapies for chronic diseases, Piger BioPharma has been dedicated to researching innovative therapies for chronic diseases. After more than a decade of development, the company has established a proprietary high-efficiency target screening and molecular modification platform (HECTOR). This innovative technology platform mainly includes metabolic disease data collection, drug molecule design platform, and compound screening platform, with the Piger Bio PEG technology as the characteristic of the drug molecule design platform, which can prolong the half-life of compounds, enhance long-term efficacy, increase compound stability, reduce immunogenicity and reduce research costs. Based on its proprietary technology platform, Piger BioPharma has developed various types of candidate drugs, including one core product and five candidate products, mainly targeting common chronic and metabolic diseases such as type 2 diabetes, obesity, and non-alcoholic fatty liver disease. Among them, the soon-to-be-commercialized core variety, Vipinanatide, is undoubtedly the most anticipated blockbuster drug in Piger BioPharma's differentiated innovation pipeline. Redefining the treatment market landscape with differentiated innovation It is understood that Chinese T2DM patients have a high incidence of illness, low compliance rate, and often have multiple metabolic factors, and usually require comprehensive management. GLP-1RA, due to its multiple benefits, has gradually gained a higher status in major guidelines at home and abroad, and has now been listed as a frontline treatment for T2DM patients, with Vipinanatide being one of them. As a new GLP-1 receptor agonist, Vipinanatide is a new type of drug supported by the country's "major new drug creation" science and technology major project. With the technical support of the company's innovative platform, it is modified by polyethylene glycol (PEG) technology to retain the high biological activity of GLP-1 peptide while achieving low-dose, high efficacy. In terms of efficacy, Vipinanatide works rapidly: after just 4 weeks of treatment, the Vipinanatide group showed significant hypoglycemic effects, with a significant decrease in glycated hemoglobin, demonstrating positive effects. The drug also does not require prolonged dose titration, can quickly relieve high sugar toxicity, and bring early confidence and treatment compliance to patients. Furthermore, Vipinanatide can achieve long-term stability in treatment: clinical results show that after 52 weeks of treatment, the decrease in glycated hemoglobin continues to increase, making Vipinanatide the only GLP-1 drug that maintains effectiveness without rebounding in long-term treatment, which perfectly meets the needs of lifelong treatment for diabetes. It is worth mentioning that, at a similar baseline level, Vipinanatide's glycemic control rate is comparable to, or even surpasses, international frontline products, providing patients with achievable treatment goals. Compared with competitors, Vipinanatide can achieve multiple clinical benefits of "hypoglycemia-heart protection-metabolic improvement" synergistic improvement. Firstly, in personalized weight loss, for patients with high BMI, Vipinanatide's average weight loss after 52 weeks is better than similar products, achieving precise weight management advocated by guidelines; secondly, Vipinanatide can also provide comprehensive protection for the heart and kidneys. Clinical data shows that the drug can significantly reduce total cholesterol, low-density lipoprotein, and triglycerides, with better effects in populations with lipid abnormalities, its uniqueness lies in the simultaneous significant reduction in systolic and diastolic blood pressure, filling the gap left by competitors who focus only on lowering systolic blood pressure. Finally, Vipinanatide can also achieve a breakthrough in mechanisms, as it can rapidly improve beta-cell function and insulin sensitivity, thereby providing relief from diabetes. In terms of safety and treatment compliance, the drug can be administered in a single step without complex dosing, greatly benefiting elderly and comorbid patients. Moreover, its excellent safety has been clinically verified, forming the best "benefit-risk" ratio. From a market perspective, as the world's second-largest pharmaceutical market, China also has the largest population of diabetes (estimated to reach 164 million by 2030) and overweight individuals (estimated to reach 200 million to 250 million by 2030), making it a key strategic high ground for global pharmaceutical giants and local companies to compete. With the continuous release of market potential, Piger BioPharma is expected to reshape the domestic T2DM treatment market landscape with its differentiated innovation capabilities and its core product Vipinanatide with BIC properties, accelerating the release of its inherent value.