[Edaily Reporter SONG YOUNG-DOO ] D&D Pharmatech’s stock price plummeted after Pfizer halted development of MET-224o, an oral obesity treatment candidate acquired through its acquisition of Metsera. However, it has been confirmed that the MET-097 platform—the core of the collaboration between the two companies—remains intact.

Through the acquisition of Metsera, Pfizer secured both the injectable MET-097i and the oral formulation MET-097o, which utilizes D&D Pharmatech’s oral drug delivery platform “Oralink.” However, MET-097o has neither been disclosed in Pfizer’s official research and development (R&D) pipeline nor announced as a candidate for development discontinuation. Industry analysts suggest that, given Pfizer’s shift in its obesity treatment strategy toward dual and multi-action agents rather than single GLP-1 agonists, the discontinuation of MET-224o was a decision driven by a change in development priorities rather than technical issues with Oralink.

MET-097o: Never Announced, Never Discontinued… Oralink’s Core Pipeline

In the Q2 2026 R&D pipeline update released by Pfizer on the 5th, MET-224o—an oral GLP-1 receptor agonist acquired from Mesera—was classified as a “Discontinued Product.” As this news spread, concerns grew in the market that the competitiveness of Oralink—D&D Pharmatech’s core platform—might have been compromised, and the company’s stock price plummeted.

However, in reality, the D&D Pharmatech-based oral programs that Pfizer acquired through its acquisition of Mesera consisted of only two compounds: MET-097o and MET-224o. Of these, Pfizer has officially announced the discontinuation of only MET-224o.

The letters appended to MET-097 and MET-224 denote their dosage forms: “i” stands for injectable, and “o” stands for oral. MET-097 is a program that simultaneously developed both the injectable MET-097i and the oral MET-097o based on the same GLP-1 peptide.

Through the acquisition of Mesera, Pfizer secured not only the injectable MET-097i, which is designed for once-monthly administration, but also MET-097o, which delivers the same peptide orally using D&D Pharmatech’s Oralink technology. Therefore, the asset acquired by Pfizer can be viewed not as a single oral candidate but as the MET-097 platform, which encompasses both injectable and oral formulations.

What is noteworthy is that MET-097o has never appeared in Pfizer’s official R&D pipeline since the acquisition of Mesera. While Pfizer has disclosed MET-097i, which is in Phase 3 clinical trials, it has not disclosed the oral formulation MET-097o to the public.

At the same time, MET-097o was not included in the list of discontinued development projects. It remains an undisclosed program—one that has simply not been included in the official pipeline, and for which Pfizer has never announced the termination of development. Pfizer had previously signed a research and development contract with D&D Pharmatech for the development of a peptide-based obesity treatment formulation. In a corrective disclosure on the 14th of last month, the contract amount was increased from approximately 1.8 billion won to approximately 2.5 billion won, and the contract period was extended until February 29, 2028.

An industry insider stated, “There were two oral programs based on D&D Pharmatech that were transferred to Pfizer: MET-097o and MET-224o,” adding, “From the outset, the strategy was publicly disclosed to select one of these two oral candidates—both of which had entered clinical trials—for further development, rather than pursuing both.”

In other words, while MET-097o has never been officially disclosed in Pfizer’s pipeline, it has also never been announced as a discontinued program. Considering various circumstances—notably the fact that it was never even mentioned as a candidate for discontinuation—it is presumed to be an active program even now.

From a Single-Target to a Multi-Target Drug… The Discontinuation of MET-224o Reflects a Strategic Realignment

In fact, looking at the obesity pipeline disclosed by Pfizer, the focus of development remains on MET-097. MET-097i has entered Phase 3 clinical trials under the name berobenatide. A combination therapy of MET-097i and the amylin analog MET-233i is in Phase 2 trials, while a combination therapy of the GIP receptor agonist MET-034i and MET-097i is in Phase 1 trials.

MET-815i, a prodrug of MET-097i, is also included in Phase 1 clinical trials. In the obesity pipeline disclosed by Pfizer, MET-097 is being expanded not only as a standalone injectable but also as part of combination programs with amylin and GIP-class candidates.

This demonstrates that Pfizer’s obesity treatment strategy is shifting from single GLP-1 agonists toward dual or multi-action agents that simultaneously stimulate multiple metabolic pathways. Analysts note that, as a late entrant to the market, Pfizer has no choice but to adopt a development strategy centered on multi-action agents in order to differentiate itself from already approved single GLP-1 agonists and achieve greater weight loss efficacy.

The discontinuation of MET-224o is also interpreted as a move aligned with this strategic shift. This does not mean that Pfizer has abandoned the development of oral peptides altogether, but rather that it is lowering the priority of single GLP-1 candidates and focusing its development capabilities on next-generation multi-action agents that can enhance weight loss efficacy and market competitiveness.

D&D Pharmatech also states that it is adjusting the scope of its collaboration in line with Pfizer’s strategic shift. The company explained that, in addition to the publicly disclosed joint development agreement, it is collaborating with its partner on the development of multi-action agents, and joint research at the discovery stage is also actively ongoing.

A D&D Pharmatech official stated, “If there had been issues with the Oralink technology, Pfizer would have no reason to continue developing follow-up candidates or multi-action agents based on the same platform,” adding, “Joint R&D activities between the two companies are currently very active, and projects that have not yet been disclosed are also underway.”

Pfizer also clarified through foreign media that while it had discontinued MET-224o, it had not abandoned its oral GLP-1 strategy altogether. The company maintains that it will continue to evaluate both oral peptide and small-molecule GLP-1 candidates. This is why it is difficult to conclude that the termination of MET-224o constitutes a negative assessment of D&D Pharmatech’s Oralink platform as a whole.