A Research Study on How Well Different Doses of the Medicine UBT251 Help People Living With Overweight or Obesity

Inclusion Criteria:

1. Male or female (sex at birth).

2. For Part C: Japanese, Chinese or non-Asian participants (all self-reported):

• For Japanese participants: both parents of Japanese descent.

• For Chinese participants: both parents of Chinese descent.

• For non-Asian participants: both parents of non-Asian descent (non-Asian isdefined as of countries outside of Asia).

3. Age at the time of signing the informed consent:

4. For Part A: 18-55 years (both inclusive)

5. For Part B: 18-65 years (both inclusive)

6. For Part C: 18-55 years (both inclusive).

7. BMI at screening (overweight and obesity should be due to excess adipose tissue, asjudged by the investigator):

8. For Part A: 27.0-39.9 kilogram per meter square (kg/m^2) (both inclusive)

9. For Part B: 30.0-50.0 kg/m^2 (both inclusive)

10. For Part C: 24-34.9 kg/m^2 (both inclusive)

11. Considered eligible based on the medical history, physical examination, and theresults of vital signs, electrocardiogram (ECG), and clinical laboratory testsperformed during the screening visit, as judged by the investigator.

Exclusion Criteria:

1. Known or suspected hypersensitivity to study intervention(s) or related products.

2. Treatment with any marketed product containing compounds with glucagon-like peptide 1 (GLP-1), glucose-dependent insulinotropic polypeptide (GIP) or glucagon receptoragonism within 90 days before screening.

3. Any condition, unwillingness or inability, which in the investigator's opinion mightjeopardise the participant's safety or compliance with the protocol.