Obesity is a major growing health concern around the world. In most markets, a person is considered obese if their Body Mass Index (BMI) exceeds 30 kilograms per square meter (kg/m2), calculated by dividing body mass in kilograms by height in meters squared. With the global prevalence continuing to rise, the disease has placed significant burden on healthcare expenditure, as it is also a major risk factor for cardiovascular diseases, diabetes and cancer.

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Anti-obesity pharmacotherapy can be used as an adjunct lifestyle modification to improve weight loss in order to significantly reduce obesity-associated health risks in obese patients. However, the use of currently available anti-obesity drugs is largely limited by poor long-term safety and a modest weight loss effect. Despite substantial clinical and regulatory challenges, the early-stage obesity pipeline remains robust, containing a high level of first-in-class innovation that has the potential to be translated into effective and safe weight loss treatments.


1 Table of Contents

1 Table of Contents 2

1.1 List of Tables 3

1.2 List of Figures 3

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2 Executive Summary 4

2.1 High Unmet Need Remains in the Obesity Market 4

2.2 Highly Innovative and Diverse Pipeline 4

2.3 Deals Landscape Presents Substantial Investment Opportunities 4


3 The Case for Innovation 5

3.1 Growing Opportunities for Biologic Products 6

3.2 Diversification of Molecular Targets 6

3.3 Innovative First-in-Class Product Developments Remain Attractive 6

3.4 Regulatory and Reimbursement Policy Shifts Favor First-in-Class Product Innovation 7

3.5 Sustained Innovation 7

3.6 GBI Research Report Guidance 8

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4 Clinical and Commercial Landscape 9

4.1 Disease Overview 9

4.2 Disease Etiology 9

4.2.1 Genetics 9

4.3 Disease Pathophysiology 10

4.3.1 Central Regulation of Energy Homeostasis 10

4.3.2 Endocrine Regulation in Energy Balance 11

4.3.3 Adipose Tissue and Regulation of Energy Expenditure 11

4.3.4 Dysregulation of Adipokines and Contribution to Obesity and Related Metabolic Disorders 12

4.4 Epidemiology 13

4.5 Classification and Diagnosis 13

4.6 Co-morbidities 14

4.6.1 Type 2 Diabetes 14

4.6.2 Hypertension 14

4.6.3 Dyslipidemia and Cardiovascular Diseases 14

4.6.4 Respiratory Complications 14



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