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This is the inaugural edition of Adam’s Biotech Scorecard, a new subscriber-only newsletter. STAT+ subscribers can sign up here to get it delivered every Thursday to their inbox.

Hello! Welcome to the premiere issue of Adam’s Biotech Scorecard. I’m excited to get started. Let’s do this! (By the way, the AF in the logo are my initials, not the “other” AF.)

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The contrarian view of Viking Therapeutics

The developer of a dual-acting GLP-1/GIP treatment for obesity is riding high on positive data and takeout speculation. The drug, called VK2735, has shown impressive weight loss with minimal gastrointestinal side effects in both subcutaneous and oral formulations, positioning it as a strong challenger to the obesity juggernauts from Eli Lilly and Novo Nordisk. With a stock price that has soared nearly 800% over the past year, Viking is now a $9 billion company and a prime acquisition target for a cash-rich pharma company.

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