China-based United Laboratories International Holdings Limited (HKEX: 03933) has received a USD 13.5 million milestone payment from Novo Nordisk, triggered by the initiation of a global Phase II clinical trial of UBT251 in overweight and obese patients. The payment, disclosed net of Danish withholding tax, marks the first development milestone collected under the exclusive license agreement the two companies signed in March 2025 — and confirms that Novo Nordisk is actively advancing the triple agonist rather than warehousing it.
UBT251 is a long-acting synthetic peptide that simultaneously activates the GLP-1, GIP, and glucagon receptors. The glucagon component is the differentiating element: dual agonists such as Eli Lilly's tirzepatide target only GLP-1 and GIP, while the addition of glucagon receptor activation is described by the company as adding thermogenic and energy expenditure effects beyond those achievable with incretin-only mechanisms.
The original deal, announced on March 24, 2025 — the same day Novo Nordisk reported disappointing Phase III data for its internal CagriSema program — gave Novo Nordisk exclusive worldwide rights to develop, manufacture, and commercialize UBT251 in all territories outside greater China. United Laboratories' subsidiary United Biotechnology retains all rights in mainland China, Hong Kong, Macau, and Taiwan. United Biotechnology received a USD 200 million upfront payment at signing and is eligible for up to USD 1.8 billion in development and sales milestones, plus tiered royalties on net sales in Novo Nordisk's territory.
The milestone comes roughly sixteen months after deal signing, a pace that suggests Novo Nordisk inherited a well-characterized development package. Since the original deal, two sets of Phase II results from trials conducted by United Biotechnology in China have been disclosed.
In February 2026, the companies reported that UBT251 delivered up to 19.7% mean weight loss after 24 weeks in a placebo-controlled Phase II trial in 205 Chinese patients with overweight or obesity. All dose groups showed statistically significant improvements relative to placebo on waist circumference, blood glucose, blood pressure, and lipids.