This story is about Pfizer stopping funding in 1991, and I guess that 1993 is not really "much much later"! However a single paper in 1993, had it been three years earlier, may not have been enough to keep a research program alive, especially if the funders were primarily interested in diabetes and funded for diabetes.

Every major discovery in biology looks like GLP-1: apparently locking in finding a new class of targets and or therapies. It's very easy to string together promising theories from sets of papers, but far harder to establish them with hard data tha comes at the cost of actual humans using the potential drug in trials.

I'm told that one of the very few parts of the stock market where subject matter experts can generate alpha is in biotech, by following the data of small biotech closely. However the fortunes of individuals and the market as a whole is largely downstream of larger macroeconomic forces, such as Fed interest rate changes, that determine the level of investment in new high risk economic activity versus keeping money in bonds.