Viking Therapeutics shares surged to their highest level in nearly three months yesterday, propelled by intense market speculation about a potential acquisition. Rumors circulating among traders suggest everything from a $20 billion takeover to a strategic partnership with UnitedHealth Group, creating substantial upward momentum for the biotechnology firm’s stock.
Clinical Progress Underpins Market Interest
The acquisition speculation emerges alongside significant clinical advancements. Viking recently presented additional analyses from its Phase 2 VENTURE study at the ObesityWeek conference, demonstrating that its obesity drug candidate VK2735 improved multiple cardiometabolic markers after 13 weeks of treatment.
Key efficacy data revealed:
* Up to 97% of patients achieved at least 5% weight
* The oral formulation showed mean weight loss reaching 12.2%
* These results position VK2735 as a potential competitor to established obesity treatments
Market Dynamics Intensify Takeover Chatter
Speculation gained renewed momentum following Pfizer’s successful bidding war for obesity developer Metsera. Trading platforms now reflect extremely bullish sentiment with heavy discussion volume surrounding Viking shares. One prominent market participant claims Viking CEO Brian Lian “has an offer in hand,” suggesting a transaction valued between $15 and $20 billion could secure a deal.
Attention has particularly focused on the possibility of a UnitedHealth partnership. Market experts suggest such an arrangement could transform how small biotech transactions are structured by eliminating intermediaries and increasing profits through an in-house option. Another trader hypothesizes that Eli Lilly might feel compelled to make a defensive offer should UnitedHealth make the first move.
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Development Timeline Advances Steadily
Viking’s Phase 3 VANQUISH trials continue progressing according to schedule. Patient recruitment for VANQUISH-1 is expected to conclude by the end of 2025, with VANQUISH-2 following in the first quarter of 2026. Results from these crucial studies are anticipated in 2027.
The company has additionally initiated a Phase 1 maintenance dosing study examining various regimens, including monthly subcutaneous, weekly oral, and daily oral administrations. Data from this trial is expected by mid-2026. This dual-formulation strategy represents a key competitive differentiator in the increasingly crowded obesity market.
Financial Position Supports Ongoing Operations
Viking concluded the third quarter of 2025 with $715 million in cash, cash equivalents, and short-term investments, providing substantial resources to fund its clinical programs. However, research and development expenditures increased significantly to $90.0 million from $22.8 million during the same period last year, reflecting the advancing clinical development of its obesity program.
The critical question remains whether Viking will withstand the acquisition pressure or ultimately agree to a major transaction. While the coming weeks will provide clarity, market participants appear convinced that this current speculation cycle carries unusual substance compared to previous rumors.
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