These 5 Biotechs Could Be the Next Big GLP-1 Acquisition Target

By Trey Thoelcke Published Apr 1, 7:35AM EDT

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The GLP-1 wave has triggered a broader biopharma M&A cycle extending well beyond obesity drugs.
These five biotech companies represent compelling acquisition targets, ranging from pure-play GLP-1 developers to adjacent pipeline builders that could diversify a metabolic-focused acquirer’s portfolio into oncology, immunology, and neuroscience.
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These 5 Biotechs Could Be the Next Big GLP-1 Acquisition Target — © gorodenkoff / iStock via Getty Images

The GLP-1 revolution has reshaped biopharma M&A strategy. With Novo Nordisk and Eli Lilly generating tens of billions in annual obesity drug revenue, large-cap acquirers are scouring the biotech landscape for the next transformative asset. The following five companies represent compelling acquisition targets, ranging from pure-play GLP-1 developers to adjacent pipeline builders that could diversify a metabolic-focused acquirer’s portfolio into oncology, immunology, and neuroscience.

Viking Therapeutics

Viking Therapeutics (NASDAQ: VKTX) is the most direct GLP-1 acquisition target in the sector. Its lead asset, VK2735, is a dual GLP-1/GIP receptor agonist in both subcutaneous and oral formulations. The VANQUISH Phase 3 program has enrolled more than 4,500 patients, with VANQUISH-2 completing enrollment in Q1 2026. Oral VK2735 demonstrated up to 12.2% body weight reduction at 13 weeks in Phase 2, with Phase 3 set to begin Q3 2026.

A Polymarket prediction market currently prices a Viking acquisition before 2027 at roughly 25.5% implied probability, noting that “Viking Therapeutics draws big pharma eyes for its obesity drug pipeline.” Shares trade for less than $33 apiece, below the consensus analyst target of $92.72, implying significant upside. With 17 Buy ratings and just two Holds, Wall Street is broadly bullish. A DACRA pipeline candidate with an IND filed in Q1 2026 adds further optionality for a potential acquirer.

Structure Therapeutics

Structure Therapeutics (NASDAQ: GPCR) is building what could be the best-in-class oral GLP-1 franchise. Its lead asset, aleniglipron, delivered placebo-adjusted mean weight loss of 11.3% at 120 mg and 15.3% at 240 mg at 36 weeks in the Phase 2b ACCESS trial, with no plateau observed. Higher-dose 44-week ACCESS II data are expected Q1 2026, and a Phase 3 registrational program is planned for H2 2026. The oral amylin pipeline adds differentiation, with ACCG-2671 in Phase 1 and ACCG-3535 demonstrating superior weight loss versus semaglutide monotherapy in combination studies. Structure also holds $1.45 billion in cash, reducing the net acquisition cost for any buyer.

Shares are down 28.9% year-to-date but have surged 178.5% over the past year. The $109 consensus analyst target is well above the current price near $49. Fifteen out of 16 analysts who cover the stock recommend buying shares.

Revolution Medicines

Revolution Medicines (NASDAQ: RVMD) is the oncology diversification play for a metabolic-focused acquirer. While not a GLP-1 company, its RAS(ON) inhibitor platform targeting PDAC and NSCLC is among the most advanced precision oncology pipelines in biotech. The company carries a $19.3 billion market cap, and the stock has surged 175.0% over the past year.

A Phase 3 readout for daraxonrasib in second-line metastatic PDAC is expected H1 2026, and zoldonrasib holds FDA Breakthrough Therapy designation in NSCLC with RAS G12D mutations. A combination study showed a 63% partial response rate and 95% disease control rate in 19 evaluable PDAC patients. The consensus analyst target is $133.70, with 20 Buy ratings. For large pharma building a metabolic and oncology portfolio simultaneously, this pipeline could be transformative.

Vera Therapeutics

Vera Therapeutics (NASDAQ: VERA) offers a near-term commercial catalyst in autoimmune kidney disease. Atacicept, a dual BAFF/APRIL inhibitor for IgA nephropathy, achieved a 46% reduction in proteinuria at week 36 in the Phase 3 ORIGIN 3 trial, with data published in the New England Journal of Medicine. The BLA has been granted priority review with a PDUFA date of July 7, 2026, and the company is commercially prepared for a mid-2026 U.S. launch. Cash of $714.59 million funds operations through launch and beyond.

Shares trade near $40 apiece, against a consensus target of $79, with 11 Buy ratings. For large pharma seeking to complement a metabolic franchise with an immunology asset, Vera’s de-risked, near-approval profile is highly attractive.

Alkermes

Alkermes (NASDAQ: ALKS) brings commercial scale and a next-generation CNS pipeline to the M&A conversation. Following its $2.3 billion acquisition of Avadel Pharmaceuticals, which closed in February 2026, Alkermes now operates Vivitrol, Aristada, Lybalvi, and Lumryz. Lybalvi grew 22.3% year-over-year in Q4 2025, and 2026 revenue guidance is $1.73 billion to $1.84 billion. The alixorexton orexin-2 agonist program holds FDA Breakthrough Therapy designation in narcolepsy type 1 and is entering Phase 3.

Shares have surged 26.4% year-to-date to $35.36, with a consensus target of $43.71. With 12 Buy ratings and adjusted EBITDA guidance of $370 million to $410 million, Alkermes offers rare commercial profitability among mid-cap biotech acquisition candidates.

Conclusion

The GLP-1 wave has triggered a broader biopharma M&A cycle extending well beyond obesity drugs. Viking and Structure remain the most direct acquisition targets given their core GLP-1 pipelines, while Revolution, Vera, and Alkermes represent adjacent opportunities to round out a diversified large pharma portfolio. The common thread across all five is strong analyst conviction, near-term clinical or regulatory catalysts, and valuations that remain within reach of cash-rich strategic buyers. Key uncertainties include Phase 3 trial outcomes, regulatory timelines, and the macroeconomic environment for large-scale biopharma deal-making.

About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.