While Eli Lilly consolidates its lead in the obesity therapeutics market, a second wave of companies is advancing candidates that could define the next phase of treatment — one focused less on maximum weight loss and more on convenience, tolerability, and weight maintenance.

Viking Therapeutics has emerged as the most-discussed acquisition target in the space. Its candidate, VK2735, has posted clinical data that analysts describe as mirroring or exceeding Lilly’s results. The compound is being developed in both injectable and oral formulations, positioning Viking to compete across administration routes. Multiple reports have characterized Viking as a natural acquisition target for any large pharma company seeking to enter or strengthen its position in the obesity market.

Amgen is taking a different approach with MariTide (AMG 133), a bispecific antibody that targets both GIP and activin receptors. Its long half-life allows for monthly or less frequent dosing — a significant practical advantage for a therapy that patients may need indefinitely. Early data suggest that MariTide may be particularly effective as a maintenance therapy, keeping weight off after initial loss rather than driving maximum acute reduction.

The broader pipeline landscape is evolving beyond the GLP-1 mechanism. Structure Therapeutics is developing oral small-molecule GLP-1 agonists. Several companies are exploring combinations of GLP-1 with other metabolic pathways. The central question is shifting from “how much weight can we help people lose?” to “how do we help people maintain weight loss with the least burden?”

For patients, this means the next two to three years will bring meaningfully more options — not just different brands of the same mechanism, but genuinely different approaches to the same problem. The competitive pressure alone is already forcing pricing conversations that would have been unthinkable three years ago.