(Reuters) -Pfizer plans to move a reworked, once-a-day version of its weight loss pill, danuglipron, into clinical trials later this year, the company said on Thursday, after it dropped development of an earlier daily-form of the drug last year.
The new drug is part of the second-generation of weight-loss pills, under development by companies including Eli Lilly and Novo Nordisk, that will offer patients a more convenient dosing instead of injections.
Some analysts expect the weight-loss drug market, currently dominated by Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound, to be worth over $150 billion by the early 2030s.
Pfizer last year said it was focusing on danuglipron’s development after it scrapped another version of the drug, called lotiglipron, due to safety concerns as it raised levels of liver enzymes in some patients.
Shares of Pfizer rose 3.7% to $29.30 in premarket trading.
The shares closed at $28.35 on Wednesday, and have lost more than half of their value since hitting $61 in December 2021 due to a steep drop in sales of its COVID products and investor worries over its pipeline including lotiglipron.
On Thursday, Pfizer said early study results supported a once-daily dosing, with no liver enzyme elevations observed in more than 1,400 healthy adult volunteers.
Sales of Pfizer’s COVID-19 vaccine and pill have fallen drastically from their peak during the pandemic, putting pressure on CEO Albert Bourla to drive growth through newer drugs.
The company on Tuesday announced that chief scientific officer, Mikael Dolsten, would step down after an over 15-year stint with Pfizer.
(Reporting by Manas Mishra in Bengaluru and Michael Erman in New Jersey; Editing by Shinjini Ganguli)
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