Novo Nordisk Deepens Obesity Pipeline with Strategic China Bet: Jenny Yang on Building Global Value from Local Innovation

Novo Nordisk Deepens Obesity Pipeline with Strategic China Bet: Jenny Yang on Building Global Value from Local Innovation

ChinaBio® Partnering Forum Thought Leadership Series

Brian Yang

Novo Nordisk, the global leader in glucagon-like peptide (GLP)-1-based therapies, is reinforcing its obesity portfolio through a series of targeted partnerships in China, underscoring the country’s emergence as a high-value source of innovation in metabolic disease.

In March, Novo inked a pivotal deal with Zhuhai United Laboratories, acquiring global (ex-Greater China) rights to UBT251, a triple agonist targeting GLP-1, gastric inhibitory polypeptide (GIP), and glucagon receptors. The early-stage asset, currently in Phase 1b in China, demonstrated a 15.1% mean weight reduction over 12 weeks at the top dose—placing it among the most potent candidates in development. Terms include $200 million upfront and up to $1.8 billion in milestones, reflecting both clinical promise and Novo’s conviction in the asset’s global potential.

Jenny Yang, Head of External Innovation, Asia Pacific at Novo Nordisk, told ChinaBio®: “Obesity, cardiovascular disease, and rare endocrine conditions represent major pillars in our growth strategy. Our external innovation efforts are focused on sourcing differentiated, globally scalable assets from across Asia.”

China’s Role in GLP-1 Innovation

The Novo-Zhuhai United deal is emblematic of a broader trend: Western biopharmas partnering with Chinese innovators to secure next-generation obesity therapies.

In May, Jiangsu Hengrui out-licensed a suite of GLP-1 candidates to Hercules CM NewCo, a U.S.-based company backed by Bain Capital Life Sciences, RTW Investments, Atlas Venture, and Lyra Capital. Hengrui received $100 million upfront, a $10 million milestone upon tech transfer, and retained a 19.9% equity stake—highlighting the rise of hybrid, state-side business development structures with risk-sharing and capitalizing the strategic upside.

Lilly also joined the fray through its collaboration with Shanghai-based Laekna Therapeutics to develop LAE102, a first-in-class monoclonal antibody targeting the activin type IIA receptor. Designed to achieve weight loss while preserving lean muscle, LAE102 addresses a key limitation in existing GLP-1 and dual-agonist regimens. Lilly is providing non-dilutive funding and deep clinical expertise to accelerate the program’s path to proof-of-concept.

Cardiometabolic Adjacencies and Portfolio Risk

Novo’s external innovation strategy also includes cardiometabolic adjacencies. In October 2023, the company acquired global rights to ocedurenone from Singapore-based KBP Biosciences, targeting chronic kidney disease. But the asset was terminated in late 2024 after a failed Phase III readout—triggering an $800 million write-down and a subsequent legal dispute. Novo alleges KBP withheld critical Phase II data and misrepresented site compliance; KBP disputes the claims. Arbitration is underway in New York, following a Singapore court's decision to freeze KBP’s global assets.

Platform Play: Oral GLP-1 and Beyond

For Novo and its peers, next-gen GLP-1 platforms—especially oral formulations—remain a priority.

Hangzhou-based Sciwind Biosciences is gaining traction with its oral GLP-1 agonist, ecnoglutide. The company has licensed global ex-China/Korea rights to Verdiva Bio and Korean rights to HK inno.N. Sciwind’s broader pipeline includes oral and subcutaneous amylin receptor agonists, reflecting a diversified approach to metabolic modulation.

Yang emphasized that Novo’s approach in Asia is both strategic and modular: “We evaluate assets across all development stages—from idea to Phase 3—and design bespoke partnership models. Our goal is to build long-term value anchored in patient-centered innovation.”

[Editor’s Note: This is the fifth and final part of ChinaBio® Thought Leadreship series of interviews coverage, focusing on Novo Nordisk’s innovation sourcing strategy in China]

Brian Yang is a health journalist who has covered China's rising biotech sector for over 12 years. He writes for STAT News, In Vivo, among others.