Pharma BD Deal Intelligence
Roche acquired Carmot Therapeutics in an all-cash deal of $2.7 billion upfront (plus up to $400 million in milestone payments, ~$3.1 billion total), announced December 4, 2023 and completed January 29, 2024, to enter the GLP-1 obesity/cardiometabolic market. The deal brought Roche three clinical-stage incretin assets: CT-388 (an injectable dual GLP-1/GIP receptor agonist), CT-996 (an oral small-molecule GLP-1 receptor agonist) and CT-868 (a dual GLP-1/GIP agonist for type 1 diabetes). Lead asset CT-388 has since validated the thesis: on January 27, 2026 Roche reported positive Phase 2 topline data (trial CT388-103) showing 22.5% placebo-adjusted weight loss at 48 weeks at the 24 mg dose (p<0.001), with no weight-loss plateau observed — efficacy in the same range as Eli Lilly's tirzepatide. Roche said the Phase 3 program (Enith1 and Enith2) would begin in Q1 2026, and is also developing CT-388 as a combination asset with the Zealand-partnered amylin analog petrelintide. CT-996 remains in development (Roche licensed related IP from Structure Therapeutics for $100M in January 2026), positioning Roche as a credible late-mover across injectable and oral obesity.