Feb 27 (Reuters) - Viking Therapeutics (VKTX.O) , opens new tab said on Tuesday its experimental drug to treat obesity helped patients achieve "significant" weight loss in a mid-stage study, leading its shares to more than double before the bell.

The drugmaker is contending for a slice of the potential $100 billion obesity treatment market that is currently dominated by powerful new weight-loss drugs such as Eli Lilly's (LLY.N) , opens new tab Zepbound and Novo Nordisk's (NOVOb.CO) , opens new tab Wegovy.

Viking's drug, formulated to be an under-the-skin injection, belongs to the same class of treatments as Zepbound and Wegovy known as GLP-1 agonists, which have seen strong interest from investors.

The GLP-1 agonist medicines have proved effective in treating diabetes and weight loss and may also help cut the risk of stroke or heart attack, making them potentially life-changing for people around the world.

Viking's drug candidate, VK2735, helped patients achieve up to 14.7% mean weight loss after 13 weeks of treatment, according to data from the study. The trial had enrolled 176 overweight adults with at least one weight-related comorbid condition.

Shares of the company more than doubled to $83.48 in premarket trading on Tuesday.

The drug targets two gut hormones, gastric inhibitory polypeptide (GIP) and glucagon-like peptide-1 (GLP-1), which slows digestion and helps people feel full for longer.

Viking Therapeutics said it plans to meet with the U.S. Food and Drug Administration to discuss further steps for the development of its drug.

https://www.reuters.com/business/healthcare-pharmaceuticals/viking-therapeutics-weight-loss-drug-succeeds-mid-stage-study-2024-02-27/