Transaction Overview 

• Novo Nordisk will develop, register, and commercialize UBT251 globally, excluding mainland China, Hong Kong, Macau, and Taiwan. 
• Novo Nordisk will pay The United Laboratories $200 million upfront, up to $1.8 billion in milestone payments, and tiered royalties on net sales in the licensed territories. 
• YAFO Capital (Shanghai) acted as transaction advisor on this transaction for The United Laboratories. 
• Press release link: https://www.globenewswire.com/news-release/2025/03/24/3047656/0/en/The-United-Laboratories-and-Novo-Nordisk-announce-exclusive-license-agreement-for-UBT251-a-GLP-1-GIP-glucagon-triple-receptor-agonist.html 

Hong Kong, March 24, 2025: The United Laboratories International Holdings Limited (TUL), announced today that it has entered into an exclusive license agreement with Novo Nordisk A/S (Novo Nordisk) for the global rights—excluding mainland China, Hong Kong, Macau, and Taiwan—to develop, manufacture, and commercialize UBT251. UBT251 is a triple agonist targeting the GLP-1 (glucagon-like peptide-1), GIP (glucose-dependent insulinotropic polypeptide), and glucagon receptors, currently in early-stage clinical development for the treatment of obesity, type 2 diabetes, and other metabolic diseases.  Under the terms of the agreement, The United Laboratories will receive an upfront payment of $200 million, with the potential to earn up to $1.8 billion in milestone payments upon achieving specified development and sales targets. Additionally, the company will receive tiered royalties based on annual net sales in the licensed territories. TUL will retain exclusive rights to UBT251 in mainland China, Hong Kong, Macau, and Taiwan.  “We are pleased to announce our exclusive license agreement with Novo Nordisk for UBT251. As a leading global biopharmaceutical company, Novo Nordisk holds a strong position in the treatment of chronic diseases,” said Mr. Tsoi Hoi Shan, the Chairman of TUL. “TUL is committed to strengthening its presence in the treatment of chronic diseases, including endocrine and metabolic disorders, while actively expanding its footprint in global markets. We believe that Novo Nordisk’s expertise will play a key role in accelerating the global development of UBT251.”  This collaboration represents a major milestone in TUL’s global expansion and underscores its commitment to innovation-driven growth. The company remains focused on advancing high-quality, sustainable development across research and development, manufacturing, and commercialization.  United Biotechnology recently completed a randomized, double-blind, placebo-controlled Phase 1b trial in China to assess the safety, tolerability, pharmacokinetics, and pharmacodynamics of multiple subcutaneous injections of UBT251 in individuals with overweight or obesity. The trial enrolled 36 patients across three dose groups (1mg, 1mg/3mg, and 1mg/3mg/6mg), following a dose titration method with weekly subcutaneous injections for 12 consecutive weeks.  UBT251 demonstrated a safety profile consistent with incretin-based therapies, with the most common adverse events being mild to moderate gastrointestinal symptoms. In the highest dose group, participants who completed the trial experienced an average weight reduction of 15.1% from baseline, while those in the placebo group saw an average weight gain of 1.5%. 

About UBT251 

UBT251 is a long-acting synthetic peptide triple agonist targeting the receptors for GLP-1, GIP and glucagon and has demonstrated potent activity on all three receptors in preclinical setting. UBT251 is categorized as Class 1 innovative drug in China mainland, being developed by United Biotechnology in multiple indications. To date, UBT251 has been approved for clinical trials in China mainland in adult type 2 diabetes, overweight or obesity, metabolic dysfunction-associated fatty liver disease (MAFLD), and chronic kidney disease (CKD) and for clinical trials in the United States in adult type 2 diabetes, overweight or obesity and CKD. United Biotechnology recently initiated a phase 2 trial for UBT251 in people with overweight or obesity in China mainland. 

About The United Laboratories 

The United Laboratories is mainly engaged in the research and development, production and sales of pharmaceuticals, and ranks among the leading integrated pharmaceutical companies in China. The group currently boasts seven production bases, covering intermediate products, bulk medicine and finished products, veterinary drugs, empty capsule casings, and medical devices, with the sales networks dotted across nearly 80 countries and regions. United Biotechnology serves as the biopharmaceutical research and development headquarter of the Group. United Biotechnology focuses on the development of high-end biopharmaceuticals to treat major chronic diseases. 

About Novo Nordisk 

Novo Nordisk is a leading global healthcare company (listed on NASDAQ Copenhagen, ticker symbol: NOVO-B.CO; and New York Stock Exchange, ticker symbol: NVO), founded in 1923 and headquartered in Denmark, specialising in treating serious chronic diseases. Novo Nordisk’s portfolio includes a range of products for the treatment of diabetes, obesity, haemophilia and growth disorders. Novo Nordisk employs about 76,300 people in 80 countries and markets its products in around 170 countries. 

About YAFO Capital 

Founded in 2013, YAFO Capital is a global boutique investment and advisory firm, with professional team in our China, U.S., EU and SEA offices. Partnering with Pharmaceutical companies, YAFO Fund mainly invests in global assets. YAFO Life Sciences is a leading advisory boutique focused on asset licensing and M&A transactions. YAFO has built a strong proven track record and closed dozens of licensing transactions with global pharma and biotech companies. Over the past five years, YAFO has been ranked as the No. 1 advisor for China cross border licensing and M&A transactions.  For more information, please visit www.yafocapital.com 

Reference:

The United Laboratories Signs Exclusive License Agreement with Novo Nordisk for UBT251 

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