Pharma BD Deal Intelligence
Novo Nordisk A/S / The United Laboratories International Holdings Limited
2025 · Licensing/Option · $2.0B · Complete
Novo Nordisk obtained exclusive worldwide rights, excluding Chinese mainland, Hong Kong, Macau and Taiwan, to develop, manufacture and commercialize UBT251, a triple agonist of the GLP-1, GIP and glucagon receptors in early clinical development for obesity, type 2 diabetes and other diseases. United Biotechnology is eligible for a $200 million upfront payment, up to $1.8 billion in milestone payments, and tiered royalties on net sales. A Phase 2 trial of UBT251 in overweight and obese individuals was ongoing in China at signing.
This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.
Key facts
- Announced Mar 24, 2025
- Deal value $2.0B
- Deal type Licensing/Option
- Therapeutic area Metabolic/Endocrinology
- Indications Obesity, type 2 diabetes, chronic kidney disease
- Key assets UBT251 ex-Greater China development, manufacturing and commercialization rights
- Mechanism GLP-1/GIP/glucagon triple receptor agonist
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