What M&A Buyers Are Asking About Next-Generation Peptide Programs in 2026

During due diligence in 2026, sophisticated buyers and their advisors are asking increasingly specific questions about how practices have engaged with new and investigational metabolic therapies, including compounds like retatrutide. Understanding what buyers are looking for — and what creates friction — is essential for any practice owner who is thinking about a future transaction.

Regulatory compliance documentation. Buyers want to see clear evidence that the practice has properly assessed the legal status of any investigational compounds and has implemented appropriate guardrails. This means IRB protocol documentation, informed consent records, and evidence that the practice understood the regulatory framework before it began administering the compound.

Vague or incomplete answers in this area often raise concerns and can slow down or complicate transactions. A buyer's healthcare counsel will know exactly what a compliant retatrutide program looks like — and they will know immediately if yours does not meet that standard.

Patient consent and communication processes. Buyers want to understand how patients were informed about the investigational nature of the compounds they received. Were consent forms IRB-approved? Were patients told the compound was not FDA-approved? Was the consent process documented in each patient's research record?

A practice that cannot demonstrate a rigorous consent process is a practice that has potential patient liability sitting in its records — and buyers price that risk accordingly.

Adverse event monitoring and reporting systems. Buyers want to see that the practice had a functioning adverse event reporting system and that it was used. An adverse event log with zero entries for a program that has been running for 12 months is not reassuring — it suggests the practice was not monitoring carefully, not that nothing happened.

Supplier relationships and quality controls. Buyers will ask where the compound came from, what quality documentation was obtained, and whether the supplier was operating through compliant channels. A supplier who cannot provide COAs covering sterility and endotoxin testing is a red flag that will surface in due diligence.

Program integration into the business model. Buyers want to understand how the retatrutide program fits into the overall practice — what percentage of revenue it represents, what the patient population looks like, and whether it has created meaningful value or primarily added complexity and risk.

From experience on both sides of transactions, the situations that create the most friction in due diligence are:

• Missing or disorganized documentation. A seller who cannot quickly produce organized compliance files signals that the program was not managed carefully — regardless of what actually happened.
• Evidence of RUO supply without an IRB framework. This is a significant liability that buyers will either price heavily or walk away from.
• Incomplete consent records. Missing consent forms for enrolled patients are a patient liability issue that buyers will not ignore.
• No adverse event documentation. As noted above, a clean adverse event log is suspicious, not reassuring.

The practices that perform best in these discussions are those that have maintained strong documentation from the beginning. When a seller can quickly produce organized files showing thoughtful program design, clear protocols, and consistent execution, it builds confidence with buyers.

The documentation package that creates the most confidence includes:

• IRB approval letter and protocol
• Complete consent records for all research subjects
• Adverse event log with appropriate entries
• Supply chain documentation with COAs
• Staff training records
• Healthcare counsel review documentation

This package tells a story: the practice understood what it was doing, it did it correctly, and it can prove it.