On 24 March 2025, The United Laboratories International Holdings Limited ("TUL") announced that its wholly-owned subsidiary The United Bio-Technology (Hengqin) Co., Ltd. ("United Biotechnology") and Novo Nordisk A/S ("Novo Nordisk"), a multinational biopharmaceutical corporation headquartered in Denmark, have entered into an exclusive license agreement. Under the agreement, Novo Nordisk will obtain exclusive worldwide rights (excluding Chinese mainland, Hong Kong, Macau, and Taiwan) to develop, manufacture, and commercialize UBT251. United Biotechnology will retain the rights for UBT251 in Chinese mainland, Hong Kong, Macau, and Taiwan. United Biotechnology is eligible to receive an upfront payment of 200 million US dollars and potential milestone payments of up to 1.8 billion dollars from Novo Nordisk, as well as tiered royalties on net sales outside of Chinese mainland, Hong Kong, Macau, and Taiwan. The closing of this transaction is subject to applicable regulatory clearance and other customary closing conditions.
UBT251 is categorized as a Class 1 innovative drug in China, being developed by United Biotechnology. It is a long-acting synthetic peptide triple agonist targeting the receptors for GLP-1 (glucagon-like peptide-1), GIP (glucose-dependent insulinotropic polypeptide) and glucagon. To date, UBT251 has been approved for clinical trials in China 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. The collaboration between TUL and Novo Nordisk is expected to accelerate the global research and development of UBT251, facilitate its international expansion, and promote the delivery of such innovative achievements to benefit patients worldwide. This collaboration represents a pivotal milestone in TUL's ongoing efforts to establish a global strategic presence and demonstrates its commitment to innovation-driven transformation. YAFO Capital (Shanghai) acted as the transaction advisor on this transaction for TUL.
Han Kun acted as legal counsel to TUL and United Biotechnology in this exclusive licensing transaction, providing comprehensive legal services. The Han Kun team was led by Yang (Aaron) Gu, with support from a diverse legal team comprising Jing (Gilbert) Shen, Shipo (Angus) Xie, Ying Li, Ying Huang, Fengqi (Franky) Yu and Shuwen Sun, and Mike Chiang from Han Kun LLP. The Han Kun team was deeply involved in all key stages of the transaction, including deal structuring and revision and negotiation of the agreement. With expertise across life sciences and healthcare transaction and negotiation, regulatory, tax, antitrust, intellectual property, and data compliance, the Han Kun team delivered comprehensive legal support to the clients, demonstrating Han Kun's outstanding capabilities in handling complex cross-border licensing transactions in the life sciences and healthcare sector.
About TUL and United Biotechnology
Founded in 1990, TUL (HKEX: 3933) is mainly engaged in the research and development, production and sales of pharmaceuticals, and ranks among the leading integrated pharmaceutical companies in China. TUL currently boasts seven production bases, covering intermediate products, bulk medicine, finished products, veterinary drugs, empty capsule casings, and medical devices, with the sales networks dotted across nearly 80 countries and regions. United Biotechnology, located in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, serves as the biopharmaceutical R&D headquarter of TUL. United Biotechnology focuses on the development of high-end biopharmaceuticals to treat major chronic diseases.
Han Kun's Life Sciences and Healthcare Practice
Han Kun is widely recognized and well-known for its practice in life sciences and healthcare. In relevant practice areas, we have been continuously ranked as a first-tier law firm by authoritative legal ranking agencies, including Chambers and Partners, The Legal 500, China Business Law Journal, Asialaw Profiles, etc. Han Kun is committed to providing clients with comprehensive legal services in life sciences and healthcare sector, including private equity and venture capital, mergers and acquisitions, onshore and offshore capital market, pharmaceutical license in/out and asset sale/purchase transactions, intellectual property, data protection, compliance and regulatory, and dispute resolution. Han Kun has a dedicated life sciences and healthcare team led by multiple partners and comprised of tens of specialist attorneys. Our partners on the team all have served a broad range of both domestic and foreign clients and developed a deep understanding of industry regulatory requirements and commercial course of dealings. Our associates on the team are graduates from top law schools both in China and abroad, all fluent in Chinese and English and equipped with excellent legal writing skills. Han Kun is well aware of the importance of professional legal services for life sciences and healthcare companies, especially those facing complex legal issues and therefore requiring special legal support. Clients value our teamwork as we fully leverage the expertise and experience of our professionals, all experts in their respective fields. Our goal is always to provide clients with thorough and practical solutions and high-quality legal services.
