United Laboratories International (HKG:3933) said its subsidiary United Biotechnology received a $13.5 million milestone payment from Novo Nordisk related to the global Phase II clinical trial of UBT251 Injection for overweight or obesity treatment, according to a Thursday Hong Kong bourse filing.
Shares of the pharmaceutical company were up over 2% in recent trade.
The payment was received under an exclusive license agreement for UBT251. The company is eligible for up to $1.8 billion in development and sales milestone payments, along with tiered royalties tied to annual net sales.
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