AbbVie (ABBV.US) has entered the weight loss drug market with a $2.2 billion acquisition of Gubra's new drug.

Intellidex analyst John Murphy said the competition in the glucagon field may not be as fierce, which may explain why AbbVie is paying a "high upfront payment" for the deal.

Gubra's experimental drug GUBamy mimics glucagon, a gut hormone different from GLP-1, which has been a huge success for Novo Nordisk and Eli Lilly.

Gubra's shares rose as much as 29% to a record high since November, more than doubling in the past year on optimism about its weight-loss portfolio.

AbbVie is hoping to replace the revenue from Humira, a drug that treats arthritis and was once the world's best-selling drug.

However, AbbVie may still face challenges as Gubra's early data suggests its drug may be as effective as Zealand Pharma's petrelintide, but Zealand's drug is "at least a year ahead on the timeline," according to Van Lanschot Kempen analyst Suzanne Van Voorthuizen.

The Gubra deal "provides a reference for a potential Zealand petrelintide deal," the team said, adding that the deal terms were above expectations.