Novo Nordisk has acquired the global rights to China-based United Laboratories鈥� triple-agonist weight-loss and diabetes drug in a deal worth up to $2bn as the Wegovy (semalgutide) developer seeks a successor for its blockbuster drug.
The licence agreement includes a $200m upfront payment to United Laboratories鈥� subsidiary United Biotechnology, along with $1.8bn in milestone-based payments. United Biotechnology will retain rights to the drug in the Chinese mainland, Hong Kong, Macau, and Taiwan while Novo Nordisk will be able to develop, manufacture and commercialise it in other global regions. 聽
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United Laboratories鈥� candidate, dubbed UBT251, belongs to a class of weight loss drugs that potentially elicit greater weight loss than the popular and currently available glucagon-like peptide-1 receptor agonists (GLP-1RAs). UBT251, a so-called 鈥渢riple G鈥� agonist, targets GLP-1, gastric inhibitory polypeptide (GIP) and glucagon. For comparison, Wegovy inhibits GLP-1 while Eli Lilly鈥檚 competitor Zepbound (tirzapetide) is a double agonist of both GLP-1 and GIP.
UBT251 has already produced positive data in a randomised Phase Ib trial in China. Among 36 patients to receive a subcutaneous 6mg dose of the drug over 12 weeks, an average weight loss of 15.1% was recorded.
Eli Lilly already has a triple G agonist in clinical development called retatrutide. The drug, currently in a Phase III trial (NCT05882045), helped patients lose up to 24.2% of their weight after 48 weeks of treatment in a Phase II study (NCT04881760). Though comparisons between trials are hard to analyse, UBT251 could offer a faster route to achieving weight loss, albeit with a smaller average weight loss value. Further data will come from a Phase II trial with UBT251, which was recently initiated by United Biotechnology in China.
Novo Nordisk鈥檚 deal with United Biotechnology continues a growing trend of big pharma partnerships with Chinese biotechs for metabolic disorder treatments. MSD conducted a $2bn deal for Hansoh鈥檚 GLP-1RA in 2024 whilst Eli Lilly entered a collaboration with Laekna for an antibody to treat obesity.聽
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By GlobalDataEurope鈥檚 second most valuable company
The deal with United Biotechnology comes at a time of investor concern around Novo Nordisk鈥檚 ability to maintain dominance in the weight loss market. Shares in the company have been sliding throughout 2025 amid pressures from competitors. Despite holding a market cap of $340.4bn, the drugmaker yesterday [24 March] also lost its tag as Europe鈥檚 most valuable company to software group SAG.
Although Wegovy generated around $8bn in revenue last year, Novo Nordisk has seen its market share eroded by Eli Lilly鈥檚 Zepbound due to the latter鈥檚 slightly better efficacy. Zepbound is forecast to make $28.2bn by 2031 while Wegovy is slated to see sales of $26bn, according to analysis by GlobalData鈥檚 Pharma Intelligence Center.
GlobalData is a parent company of 色界吧 Technology.
The pressure exerted by Eli Lilly has been compounded by disappointing data released on Novo Nordisk鈥檚 next-generation weight loss drug candidate CagriSema at the tail end of 2024. Shares in the company took a hit following concern about CagriSema鈥檚 ability to succeed Wegovy, meaning the spotlight will be on future readouts from United Biotechnology鈥檚 UBT251 and its ability to pick up the mantle.
鈥淭he addition of a candidate targeting glucagon, as well as GLP-1 and GIP, will add important optionality to our clinical pipeline, as we look to develop a broad portfolio of differentiated treatment options that cater to the diverse needs of people living with these highly prevalent diseases,鈥� said Martin Holst Lange, Novo Nordisk鈥檚 executive vice president for development.
