Novo Nordisk’s renewed M&A appetite sends obesity-drug names higher

Shares of several names in the obesity-drug space, including Viking Therapeutics (VKTX), Terns Pharmaceuticals (TERN), and Structure Therapeutics (GPCR), are moving higher on Wednesday following comments by Novo Nordisk’s (NVO) CEO on the company’s renewed M&A interest to boost its obesity portfolio after losing U.S. biotech Metsera in a bidding war with Pfizer (PFE) late last year. According to news reports, Chief Executive Officer Mike Doustdar said in an interview at the JPMorgan Healthcare Conference in San Francisco that, “We’re in the market for big or small… As long as it’s complementary to our own assets, then we can go very big, very big in buying something in, but it has to be worth it and it has to be so much better than whatever we have.” Viking Therapeutics in early afternoon is trading up almost 11% at $34.04, while Terns Pharmaceuticals and Structure Therapeutics gained about 10% at $38.03 and $85.16, respectively.