The Company That Makes Your Band-Aid Might Soon Make Your Weight Loss Pill

And the potential is huge!

Original posted at obesity.news/ on Oct 15, 2025

Johnson & Johnson once said they weren’t interested in GLP-1s.

Now it looks like that might not be true anymore.

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Rumors are circulating that Johnson & Johnson is in talks to acquire Protagonist Therapeutics, a California biotech that’s been on a serious run lately. Their stock jumped more than 30% on the news, and for good reason. Protagonist just recently announced a new obesity drug candidate called PN-477 that could completely change the conversation.

PN-477: The One That Could Pull J&J Into the Fight

On June 30, Protagonist announced a new triple agonist drug called PN-477. It’s designed to activate GLP-1, GIP, and glucagon receptors, which are the same three pathways Eli Lilly’s Retatrutide is built on.

But unlike Lilly, Protagonist is simultaneously developing both an oral and injectable version. The oral form would be taken once a day, while the injectable version would be given once a week. Early preclinical data shows high potency and broad receptor activation. In simple terms, this one looks like it belongs in the same league as Lilly’s biggest pipeline asset.

IND-enabling studies are already underway, and Phase 1 trials are expected to start in mid-2026.

If you’re Johnson & Johnson, you may be a little late to the party, but better late than never if you’re going to make your move.

Why J&J Might Be Doing This

J&J already has a deep partnership with Protagonist on icotrokinra, an oral immunology drug under FDA review for psoriasis. They also share ties through rusfertide, a potential blockbuster for a rare blood disorder called polycythemia vera.

Buying Protagonist outright would save J&J hundreds of millions in milestone payments and royalties while giving them full control of multiple near-term approvals. But let’s be honest. What really makes this deal interesting is that Protagonist has just quietly stepped into the obesity and metabolic space.

And that’s the part that doesn’t fit J&J’s old playbook.

This company once said it wasn’t chasing GLP-1s. Now they might be buying one of the most promising early players in the next wave of incretin drugs.

The Bigger Picture

If this deal happens, it’s not about psoriasis or rare diseases. It’s about the future of metabolism. Every major pharma company is now trying to find its way into this market, and for J&J, this could be their opening.

An oral GLP-1/GIP/glucagon drug would position them to compete in what’s coming next. The next wave of obesity medicine won’t just be about injectables. It will be about convenience, accessibility, and who can make the pill that works.

Protagonist might have just given them that shot.

The Bottom Line

Johnson & Johnson has been sitting on the sidelines while Lilly and Novo shaped the world’s most valuable drug market. If they move on this acquisition, they’ll finally have a hand in the game.

Not just a hand, but a potentially powerful one.

For now, this is still rumor. But it’s the kind of rumor that fits a bigger pattern we’ve been watching unfold. The old guard of pharma is starting to realize that obesity medicine isn’t a trend. It’s the new frontier.

Stay tuned to OnThePen.com for updates as this story develops. If you’ve been following the GLP-1 world with us, you already know this is bigger than it looks. The next chapter might be written by a company that once said they weren’t even interested.

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