(Reuters) -Shares in Roche Holding rose around 2% on Monday, outperforming a broadly unchanged European healthcare index, as the drugmaker said it was advancing its experimental obesity drug CT-388 to a late-stage clinical trial. Roche acquired this drug candidate in late 2023 when it acquired U.S. biotech firm Carmot Therapeutics in its first major bid […]
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Roche shares rise as company advances experimental obesity drug to late-stage trial
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(Reuters) -Shares in Roche Holding rose around 2% on Monday, outperforming a broadly unchanged European healthcare index, as the drugmaker said it was advancing its experimental obesity drug CT-388 to a late-stage clinical trial.
Roche acquired this drug candidate in late 2023 when it acquired U.S. biotech firm Carmot Therapeutics in its first major bid to challenge the dominant makers of weight-loss drugs Novo Nordisk and Eli Lilly. Roche shares jumped nearly 5% when it reported results from an early-stage trial of this drug showing it led to significant weight loss.
The Swiss drugmaker was presenting an update on its obesity drugs pipeline at an investor day in London. Roche’s pharmaceutical division head Teresa Graham told investors that the company aims to become a major player in the lucrative obesity drug market and plans to secure a strong entry to this market with competitive products by 2030.
“Our goal is to become a Top 3 player (in the obesity drug market), and I want you to know I’m serious about this goal,” Teresa Graham, the head of Roche’s pharmaceutical division, told investors, saying that Roche had a track record of successfully moving into new therapeutic areas with competitive drugs that became blockbusters.
(Reporting by Maggie Fick; editing by Danilo Masoni and Louise Heavens)