China’s Triple Hits Phase 3, Lilly Bridges Medicare
Week Of June 20 – June 26, 2026
A cluster of obesity and diabetes programs jumped into Phase 3 this week, led by UBT251, the GLP-1/GIP/glucagon triple that Novo Nordisk licensed out of China. In the Trial Spotlight, I look at the odd two-speed split it has created, with the Chinese originator already starting pivotal trials at home while Novo is still optimizing the dose abroad. The Mechanism Explained talks about the Y2 receptor, the satiety target that obesity triples are starting to add alongside GLP-1. Plus Lilly’s new $50-a-month Medicare bridge for its obesity drugs, and Viking’s first amylin candidate entering the clinic.
🔥 THIS WEEK’S KEY DEVELOPMENTS
Lilly creates Medicare bridge program for Zepbound and Foundayo.
Eli Lilly announced the Medicare GLP-1 Bridge program, effective July 1, 2026, which will provide eligible Medicare Part D patients access to Foundayo (orforglipron) or Zepbound (tirzepatide) for weight management for $50 per month. The program will run through December 31, 2027, for patients with a Body Mass Index (BMI) of 35 or higher, or a BMI of 27 or higher with certain weight-related medical conditions.
Press | Trials: NCT05869903 | NCT05872620 | Mechanism: GLP-1 (orforglipron) and GLP-1/GIP (tirzepatide)
Viking Initiates Phase 1 Trial of Weight Loss Drug VK3019.
Viking Therapeutics has initiated a Phase 1 single ascending dose (SAD) clinical trial of VK3019, an investigational dual amylin and calcitonin receptor agonist (DACRA) for weight loss. The randomized, double-blind, placebo-controlled study will evaluate the safety, tolerability, and pharmacokinetics of single subcutaneous doses in healthy adults with a BMI ≥30. The trial will also include exploratory assessments of changes in body weight after a single dose.
Press | Mechanism: dual amylin and calcitonin receptor agonist
iBio advances obesity drug IBIO-600 into Phase 1 trial.
iBio has initiated a Phase 1 clinical trial for its lead obesity asset, IBIO-600, a long-acting myostatin antibody designed to support lean mass preservation. The company is developing IBIO-600 for potential dosing of two to four times per year and notes it could potentially be used alongside current GLP-1 therapies. iBio’s pipeline also includes IBO-610, a monoclonal antibody designed to block Activin E to drive fat loss after GLP-1 discontinuation.
Press | Mechanism: myostatin antibody
📰 PRESS
Lilly plans 2026/2027 European launch for oral obesity pill.
Press | Mechanism: oral obesity treatment
Corxel’s oral GLP-1 CX11 shows 11.5% weight loss in Phase 2
Press | Mechanism: GLP-1
CVS expands GLP-1 support to lower costs and improve access.
Press | Mechanism: GLP-1
💡 TRIAL SPOTLIGHT
Educational spotlight selected by editors
Two Speeds, One Molecule: A China-Born Triple Agonist Races Into Phase 3 While Novo Optimizes Abroad
UBT251 has become the second GLP-1/GIP/glucagon triple receptor agonist to reach Phase 3, after Eli Lilly’s retatrutide. The once-weekly peptide was discovered by United Biotechnology, a subsidiary of Hong Kong-listed The United Laboratories International Holdings, and licensed to Novo Nordisk for rights outside Greater China in a 2025 deal worth up to about $2 billion, with $200 million paid upfront. Novo placed that bet on early Phase 1b data of roughly 15 percent mean weight loss; a China Phase 2 readout in February 2026 then reported up to 19.7 percent at 24 weeks. This month the originator registered three Chinese pivotal trials, an obesity study (600 patients) plus two type 2 diabetes studies, UNIGUIDE-1 and UNIGUIDE-2, the latter testing UBT251 head-to-head against semaglutide, all with primary completions from September 2027 to February 2028. Novo’s own global program, by contrast, is still in Phase 2 dose-ranging for both obesity and diabetes. That gap creates a two-speed split: the Chinese developer is sprinting toward pivotal data at home while its partner optimizes dosing abroad, leaving Novo a hedge in a triple-agonist race that Lilly currently leads.
ClinicalTrials.gov: NCT07648225 (UBT251 Phase 3, obesity) | NCT07659574 (UNIGUIDE-1, Phase 3 T2D) | NCT07653477 (UNIGUIDE-2, Phase 3 T2D vs semaglutide) | NCT07395687 (Novo global Phase 2 obesity)
🔬 MECHANISM EXPLAINED
Understanding the science behind the therapeutics
The Other Satiety Receptor: Why Obesity Triples Are Starting to Add Y2 (NPY2R) (Example drugs: BI 3034701, NNC0165-1875)
The Y2 receptor (NPY2R) is the target of PYY3-36, a fragment of the gut hormone peptide YY that the intestine’s L-cells release after a meal, the same cells that release GLP-1. Acting on Y2 receptors, peptide YY curbs appetite through a route separate from GLP-1: it quiets the appetite-driving NPY/AgRP neurons in the brain’s arcuate nucleus and signals fullness along gut-to-brain vagal nerves. On its own, Y2 agonism has delivered only modest weight loss and tends to cause nausea, so developers are now pairing it with incretins rather than using it alone. This week Boehringer Ingelheim registered a 300-patient Phase 2 obesity trial (NCT07662122) for BI 3034701, a single-molecule triple agonist, built on Gubra’s peptide platform, that combines GLP-1 and GIP agonism with Y2 activation. That sets it apart from the GLP-1/GIP/glucagon triples such as retatrutide and UBT251, which use the glucagon receptor to raise energy expenditure; BI 3034701 instead stacks a second satiety signal onto its incretin backbone. Novo Nordisk has tested a standalone PYY analog (NNC0165-1875), but building Y2 directly into an incretin triple is the newer bet now reaching the clinic.
🆕 NEWLY REGISTERED TRIALS (15 in last week)
HRS9531 Phase 3 trial investigating the efficacy and safety of the oral tablet for overweight or obesity (Hengrui, n=425)
[Weight Loss/Efficacy | Oral Formulations | Safety/Tolerability]
Trials: NCT07670884 | Mechanism: Dual GLP-1/GIP agonist
AMAZE 13 Phase III investigating zenagamtide (amycretin) for weight loss in an Asian population with excess body weight (Novo Nordisk, n=400)
[Weight Loss/Efficacy]
Trials: NCT07668401 (AMAZE 13) | Mechanism: GLP-1 + amylin combination
Elecoglipron Phase 3 master protocol investigating efficacy and safety in adults with obesity or overweight, with or without T2DM (AstraZeneca, n=4500)
[Weight Loss/Efficacy | Safety/Tolerability]
Trials: NCT07667803 (Embold) | Mechanism: GLP-1 receptor agonist
BGM0504 Phase 2 trial evaluating an oral tablet for weight management in adults with overweight or obesity without diabetes (BrightGene Bio-Medical, n=200)
[Weight Loss/Efficacy | Oral Formulations | Safety/Tolerability]
Trials: NCT07658560 | Mechanism: Dual GLP-1/GIP agonist
Orforglipron Phase 3 trial comparing the oral GLP-1 agonist to dulaglutide in pediatric patients with Type 2 Diabetes (Eli Lilly, n=170)
[New Indications]
Trials: NCT07668336 (ACHIEVE-PEDS) | Mechanism: GLP-1 receptor agonist
Zenagamtide (amycretin) Phase 3 head-to-head trial comparing its weight loss efficacy against semaglutide in adults with excess body weight (Novo Nordisk, n=650)
[Weight Loss/Efficacy]
Trials: NCT07668414 (AMAZE 7) | Mechanism: GLP-1 + amylin combination
UBT251 Phase 2 dose-ranging study evaluating blood sugar reduction in people with Type 2 Diabetes (Novo Nordisk, n=300)
[New Indications]
Trials: NCT07668388 | Mechanism: Triple GLP-1/GIP/glucagon agonist
Elecoglipron Phase III trial evaluating its efficacy and safety as an add-on to insulin for adults with Type 2 Diabetes (AstraZeneca, n=600)
[Safety/Tolerability]
Trials: NCT07664553 (Eluminate-3) | Mechanism: GLP-1 receptor agonist
BI 3034701 Phase 2 trial investigating its potential for weight loss in adults with obesity or overweight (Boehringer Ingelheim, n=300)
[Weight Loss/Efficacy]
Trials: NCT07662122 | Mechanism: GLP-1/GIP/NPY2 (Y2) triple agonist
Eloralintide Phase 1 study investigating an amylin receptor agonist in participants with overweight or obesity (Eli Lilly, n=115)
[Weight Loss/Efficacy]
Trials: NCT07665879 | Mechanism: Amylin receptor agonist
Elecoglipron/Dapagliflozin Phase III study evaluating the combination therapy for adults with Type 2 Diabetes Mellitus (AstraZeneca, n=2000)
[Safety/Tolerability]
Trials: NCT07662109 (Eluminate-5) | Mechanism: GLP-1 receptor agonist
Elecoglipron Phase 3 investigating efficacy and safety in adults with Type 2 Diabetes and impaired renal function as an add-on to dapagliflozin (AstraZeneca, n=900).
[New Indications | Safety/Tolerability]
Trials: NCT07662135 (Eluminate-4) | Mechanism: GLP-1 receptor agonist
UNIGUIDE-1 Phase III evaluating UBT251 injection in patients with type 2 diabetes inadequately controlled by diet and exercise alone (The United Bio-Technology, n=360)
[New Indications]
Trials: NCT07659574 (UNIGUIDE-1) | Mechanism: Triple GLP-1/GIP/glucagon agonist
Elecoglipron Phase 3 trial evaluating the oral GLP-1 receptor agonist alone or combined with dapagliflozin in adults with type 2 diabetes (AstraZeneca, n=800)
[Safety/Tolerability]
Trials: NCT07662044 (Eluminate-1) | Mechanism: GLP-1 receptor agonist
Elecoglipron Phase 3 head-to-head trial comparing its efficacy against semaglutide in adults with type 2 diabetes mellitus (AstraZeneca, n=1200)
[New Indications]
Trials: NCT07662213 (Eluminate-2) | Mechanism: GLP-1 receptor agonist
This newsletter compiles publicly available information from press releases, news sources, and trial registries. Not investment advice.
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