UBT251 Enters Phase 3 in China - Potentially the First Market to Get an Approval

Research evidence excerpt

UBT251 Enters Phase 3 in China - Potentially the First Market to Get an Approval

Update

June 16, 2026 02:53 AM GMT

Morgan Stanley Asia Limited+MThe United Laboratories | Asia Pacific Laurence Tam

Equity Analyst

UBT251 Enters Phase 3 in China Laurence.Tam@morganstanley.comMarco Wong +852 2239-1753

Research Associate

Marco.Wong@morganstanley.com +852 3963-2021

- Potentially the First Market to

Get an Approval

Key Takeaways The United Laboratories (3933.HK, 3933 HK)

On June 15, TUL registered a Ph3 clinical trial in China for UBT251, a long-acting China Healthcare | China

GLP-1/GIP/glucagon triple agonist, for the treatment of obesity/overweight. Stock Rating Equal-weight

Industry View Attractive

The trial recruits patients with either BMI ≥ 28.0 or between 24.0 and 28.0 with Price target HK$12.80

Shr price, close (Jun 12, 2026) HK$8.76

co-morbidities, e.g. pre-diabetic, hypertension, high cholesterol, etc. 52-Week Range HK$17.98-8.24

Sh out, dil, curr (mn) 1,840

The primary endpoints are patients' weight loss vs. baseline (%) and the Mkt cap, curr (mn) Rmb13,912.7

proportion of patients achieving ≥5% weight loss after 52 weeks of weekly EV, curr (mn) Rmb7,817.5

Avg daily trading value (mn) HK$156

injections.

TUL out-licensed ex-China rights of the asset (development, manufacturing,

commercialization) to Novo Nordisk (covered by Thibault Boutherin) in March

2025.

TUL recently released the full dataset from UBT251's China Ph2 trial at ADA

2026, demonstrating 13.6-19.7% at week 24 (mean BMI = 33.1) and good safety.

UBT251 as a leading asset in TUL's diabesity franchise: UBT251 is a triple agonist,

i.e. more aggressive weight loss therapy, a class that was validated by recent Phase 3

data from Lilly's retatrutide. Although a longer trial (80 weeks), we believe