Nov. 8 Quick Takes: FDA approves Lilly’s tirzepatide for weight loss

FDA’s approval of Zepbound tirzepatide from Eli Lilly and Co. (NYSE:LLY) to treat obesity sets up the GIP receptor and GLP-1R co-agonist to compete directly with Wegovy semaglutide from Novo Nordisk A/S (CSE:NOVO B; NYSE:NVO) in the blockbuster weight loss field. Lilly is launching Zepbound at a list price of $1,059.87, about 20% below Wegovy’s price. Tirzepatide is already approved as Mounjaro to treat Type II diabetes; it generated more than $1.4 billion in sales during 3Q23. First approved in 2021 for weight management, Wegovy has delivered DKK21.7 billion ($3.1 billion) in revenues to Novo over the first nine months of 2023.

Takeda Pharmaceutical Co. Ltd. (Tokyo:4502; NYSE:TAK) said FDA’s approval of Fruzaqla fruquintinib to treat previously treated metastatic colorectal cancer is the agency’s first in the indication in over a decade that is not restricted by biomarker status or type of prior therapy. Takeda acquired ex-China rights to fruquintinib, a VEGFR-1, VEGFR-2 and VEGFR-3 inhibitor, from Hutchmed China Ltd. (NASDAQ:HCM; LSE:HCM). The biotech, which markets fruquintinib in China as Elunate, said the U.S. approval triggered a $35 million milestone payment from Takeda...