Business
Pfizer Advances Once-Daily Weight Loss Pill After Early Study Success
Pfizer is advancing a once-daily version of its weight loss medication, danuglipron, following encouraging findings from an ongoing early-stage study. The pharmaceutical company announced on Thursday that it has identified a formulation that shows a favorable safety profile and effective bodily response.
The company plans to carry out more early-stage trials in the latter half of this year to determine the optimal dosage, with results expected by the first quarter of next year. These results will be pivotal for the registration enabling studies required for regulatory approval.
Dr. Mikael Dolsten, Pfizer’s outgoing Chief Scientific Officer, expressed optimism about the drug’s potential, stating, “Danuglipron has demonstrated good efficacy in a twice-daily formulation, and we believe a once-daily formulation has the potential to have a competitive profile in the oral GLP-1 space.” Notably, the study found no liver safety issues with the once-daily formulations.
Pfizer is among several pharmaceutical companies racing to capture a share of the market for GLP-1 agonists, a class of drugs highly sought after for weight loss and diabetes management. Analysts predict this market could be worth approximately $100 billion by the end of the decade.
Despite this potential, Pfizer has faced challenges breaking into the GLP-1 space. In December, the company discontinued a twice-daily version of danuglipron due to patient tolerance issues in a mid-stage study. Investor confidence was further dampened when Pfizer scrapped another once-daily pill in June 2023 after patients showed elevated liver enzymes. These setbacks, alongside the decline of its Covid business, have impacted Pfizer’s stock performance.
Nonetheless, Pfizer continues to develop other experimental obesity drugs and maintains a robust pipeline of three clinical and several pre-clinical candidates. “Obesity is a key therapeutic area for Pfizer,” Dolsten emphasized.
Competitors Novo Nordisk and Eli Lilly have seen rising demand for their injectable GLP-1 drugs, despite high costs and limited insurance coverage. These companies, along with Pfizer, are striving to develop oral versions that are more convenient for patients and easier to produce, which could help alleviate supply shortages in the U.S.
Pfizer has also indicated it may pursue acquisitions or partnerships with smaller obesity drugmakers. CEO Albert Bourla mentioned in January that while acquiring a late-stage obesity treatment is unlikely, the company is exploring potential licensing deals or earlier-stage weight loss drugs as part of its strategic focus on cost management.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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