GSK, Roche, and Novo Nordisk Spend $10.7 Billion to Secure FGF21 Assets—Do Chinese Biotechs Hold a Winning Hand?

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In less than half a year, the three major MNCs have successively entered the same market.TargetFGF21, TransactionTotal Exceeds$10.7 billion。$10.7 Billion Night Raid on FGF21! Do Chinese Pharmaceutical Companies Have Any Cards to Play?

October 9,Novo NordiskGermanyAnnounce with$5.2 billionAcquisition of Akero Therapeutics. The core asset of this acquisition is Akero'sFGF21Drug Efruxifermin (EFX), which has currently entered Phase III clinical trials.

September 18,RocheAnnouncing the highest$3.5 billionto acquire the U.S. biotech company 89bio. The core of the deal lies in its pipeline product — an FGF21 analog.pegozafermin, which has currently entered Phase III clinical trials.

On May 14, GSK announced that it would acquire for up to$2 billionCash Consideration for the Acquisition of Boston Pharmaceuticals' Core AssetsLong-acting FGF21 analogefimosfermin。

This undoubtedly reflectsFGF21 TrackThe看好, with theMadrigalUnder its umbrellaThe World's FirstMASH Treatment Drug Rezdiffra Continues to Gain Momentum:Financial Results for the Second Quarter of 2025,ResmetiromSales of $212.8 million, up from the previous month55%, with total sales in the first half of the year amounting to$350.1 million, Let the headMNCs Enter the Fray, Filled with Expectations for the MASH Field.

FGF21 Target Is Highly Likely to Replicate the Success Path of GLP-1, Becoming the King of Next-Generation Metabolic Disease TreatmentBrand。Who is the next MNC to be phased out?Another key issue surfaced:Have Chinese innovative pharmaceutical companies seized the opportunities presented by this cutting-edge target?？

FGF21 TargetThe scientific mechanisms and therapeutic potential behind it imply an enormous commercial value.

As the fastest-growing metabolic liver disease globally, the incidence of MASH is highly associated with obesity and type 2 diabetes. According to a Frost & Sullivan report, the number of patients worldwide will reach490 million people, the corresponding drug market size will climb to$32.2 billion。

Madrigal Pharmaceuticals, Inc.March 2024Approved by FDAThe world's first treatmentDrugs for MASHResmetirom(Product name: Rezdiffra),As the first innovative drug in the MASH field,Resmetirom demonstratedRemarkable Commercial Potential, with sales of $14.6 million in the first quarter and first-year revenue$180.1 millionQ2 2025 Performance,ResmetiromSales reached $212.8 million, marking a sequential increase.55%, with total sales in the first half of the year amounting to$350.1 million。

Combined with the treatment mechanismUp，GLP-1 drugs, THRβ agonists, andFGF21 Target isMASH is the most closely watched candidate therapy in the field of new drug development, butTHRβ agonists and GLP-1 are currently both limited to patients with moderate to severe hepatic fibrosis (F2-F3 stage).Unable to cover approximately 20% of the F4 stage cirrhosis population。In contrast,FGF21 class drugs may be an option for patients with severe stage F4.

According to two Phase IIb trials, HARMONY (F2-F3) and SYMMETRY (F4) respectively showed that, within 96 weeks, compared with the placebo group,19%And11%In comparison, the proportion of patients in the efruxifermin treatment group who achieved fibrosis improvement and had no worsening of MASH reached49%And29%。Unexpectedly positive clinical results position efruxifermin to potentially fill the treatment gap for patients with F4 stage MASH cirrhosis.。

It is precisely because of this irreplaceable therapeutic value and enormous commercial potential that, by 2025, it becomes the core product fiercely competed for by MNCs.。

May 14,GSKAnnounced that it willUp to $2 billionCash Consideration for the Acquisition of Core Assets of Boston PharmaceuticalsLong-acting FGF21 Analogefimosfermin alfa, including$1.2 billion upfront payment and up to $800 million in milestonesMonument Payment`, and will pay Novartis tiered royalties. Data shows`Indication:Efimosfermin alfa can reduce triglycerides and improve glycemic control, potentially offering additional benefits for MASH patients with cardiometabolic syndrome.

GSK itselfInThe layout of the GLP-1 track is relatively lagging, and the choice to acquire is aimed at quickly filling the gap.Blank Space in the MASH Field. And it can also complement its self-developed siRNA therapy GSK4532990,To cover the more advanced stages of steatotic liver disease (SLD)。

September 18,RocheAnnounced that it has reached a formal acquisition agreement with 89bio for over $3.5 billion.Acquisition of 89bio and Its Leading FGF21 Analog Drug – Pegozaferminn，At a premium of approximately 52%, the drugEyeCurrently in the late stage of development for MASH in patients with cirrhosis (F4 stage).。

October 9,Novo NordiskAnnounced by$5.2 Billion AcquisitionAkero Therapeutics, Acquires Its Core AssetFGF21 DrugEfruxifermin (EFX), the drugIt has now entered Phase III clinical trials.

Notably, Novo Nordisk's substantial investment in MASH aims to strengthen its core competitiveness across multiple dimensions. First,EFX and Novo Nordisk's ExistingWegovyForm a highly complementary relationship；Secondly,EFX has been proven to reverse advanced liver fibrosis in clinical trials. Novo Nordisk can leverage its strengths to accelerate the development and market launch of EFX, seizing the market opportunity.。

Behind these three deals lies the strategic planning of MNCs:Quickly enter the FGF21 track by acquiring mature late-stage assets, and achieve synergy by relying on its own pipeline resources.。

This layout also allows MNCs toThe competition for the FGF21 target is gradually intensifying.

FGF21 Target Is Highly Likely to Replicate the Success Path of GLP-1, Becoming the Next Generation King in Metabolic Disease TreatmentBrand。

ButMainstream thinking of top MNCsYesGLP-1AndFGF21TheComplementary Combination, so the next buyer is highly likely to appear inA group ofGLP-1 Top Players in China. CurrentlyRoche、GSK、Novo NordiskHave already taken the lead, butLilly、Amgen、Merck & Co., Inc.、AstraZenecaIt remainsGLP-1Key players in the track.

Source: BiG Column

EspeciallyLilly，"The King" of the GLP-1 Track.Tirzepatide2025 H1Best-seller147.34billion USD, with a growth rate as high as223%, showing explosive market acceptance, and will not be easily overlooked in the future.FGF21Track.Merck & Co., Inc.As early asIn August 2020, an exclusive licensing agreement was signed with Hanmi, acquiring efinopegdutide (MK-6024) developed by Hanmi, primarily targeting the MASH field, with future developments expected inBig moves in the FGF21 field.

In this FIn the global competition for GF21, another key issue has surfaced:Have Chinese innovative pharmaceutical companies seized the opportunities presented by this cutting-edge target?？

Dongyang Light MedicineDeveloped byHEC88473is a FGF21/GLP-1 dual-target agonist,Currently undergoing Phase II clinical trials, with type 2 diabetes as the core indication, while simultaneously advancing research on obesity and MASH. This pipeline is also the first domestically approved clinical candidate in China and the world's first GLP-1/FGF21 dual agonist to enter clinical trials.In 2024$9.38 billionAuthorized toApollo Therapeutics, setting a BD record in China's metabolic field.

Huadong MedicineHolding SubsidiaryDaor BiotechDeveloped byDR10624 is a globally pioneering long-acting triple agonist that can simultaneously target FGF21R, GCGR, and GLP-1R.Successfully completed Phase II clinical study.

Anyuan PharmaceuticalsThere are also two FGF21 pipelines. In April 2022,CTTQCollaborated with An Yuan Pharmaceuticals toHighestRMB 342 millionThe upfront payment and milestone paymentGrant CT Tianqing the rights to AP025 and AP026, two innovative biologics, in the fields of MASH and Type 2 diabetes treatment.

In the future, as FGF21-related drugs in China gradually progress from early clinical stages to later phases, their BD value will also become increasingly prominent.