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The clinical timeline lags UBT-251 (the global Novo Phase 1b/2a of UBT-251 and NNC-06620419 Phase 2 are running in overlapping time frames), which is consistent with NNC-06620419 as a successor or differentiated backup rather than a replacement for UBT-251

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Glucagon-like peptide-1 receptor agonists (GLP-1Ra) are a new class of anti-hyperglycemic drugs which have been shown to be beneficial in reducing albuminuria in diabetic patients

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This dynamic makes it simple to own NVO & LLY for the initial duopoly while owning smaller concentrations of the clinical stage companies for the option value once the duopoly is busted