After a competitive bidding process for Metsera, industry analysts are speculating about which biotech companies could be the next acquisition targets for major pharmaceutical firms. The recent purchase of Metsera, an obesity-focused biotech, did not come as a surprise to many in the sector. The company quickly accumulated data supporting its weight loss drugs, leading Pfizer to offer $4.9 billion in September 2025. Novo Nordisk later re-entered negotiations in November, generating significant attention within the industry.
This activity has highlighted Big Pharma’s ongoing interest in acquiring innovative biotechs that fit their strategic goals. According to Truist Securities, Abivax is seen as a potential target due to its work on chronic inflammatory diseases and its lead candidate obefazimod. Obefazimod is an oral therapy currently in late-stage trials for ulcerative colitis and earlier-phase testing for Crohn’s disease. “While continued independent execution through late-stages could confer risk around exit expectations, we believe ongoing advancement should only heighten appeal and capture new value longer-term,” Truist stated.
In the area of neuropsychiatry drugs, Maplight Therapeutics is gaining attention after setbacks with similar therapies at other companies. Jefferies analysts noted that Maplight’s ML-007C-MA may have advantages over competitors’ products, citing strong efficacy and safety data from clinical trials. Several key readouts from pivotal studies are expected between 2026 and 2027.
Structure Therapeutics has also drawn interest following positive mid-stage results for its small-molecule GLP-1 receptor agonist aleniglipron. Analysts from William Blair observed that shares of Structure have increased significantly since the Metsera deal, likely due to M&A speculation. BMO Capital Markets projects peak sales of $3.8 billion by 2035 if further clinical milestones are met.
Terns Pharmaceuticals recently shifted focus from metabolic disease to oncology with TERN-701 for chronic myeloid leukemia after reporting what analysts called “unprecedented” efficacy at a major conference. This move has raised questions about whether Terns will become part of Big Pharma’s search for new cancer treatments.
Ventyx Biosciences offers two NLRP3 inhibitors targeting inflammatory conditions across several disease areas such as cardiovascular and metabolic disorders. Data releases scheduled into 2026 may further clarify its prospects as an acquisition target.
Finally, Viking Therapeutics remains on watchlists due to its progress in developing VK2735, a dual GLP-1/GIP receptor agonist for obesity treatment currently in Phase III trials involving thousands of patients. William Blair analysts commented: “While Viking is advancing VK2735 directly to a Phase III program, given the unprecedented market opportunity in obesity, we believe that the value of VK2735 will ultimately be maximized in the hands of a Big Pharma.”
The sector continues to see high levels of interest and financial resources directed toward mergers and acquisitions among both large pharmaceutical companies and smaller biotechnology firms.
