This study is for individuals with Type 2 Diabetes and Obesity or Overweight. The purpose of the study is to determine if the study medication is safe and effective in reducing body weight in patients with Type 2 Diabetes. Participants will receive a once-weekly injection of either the study medication (VK2735) or placebo. The study is testing three different doses of the medication: 7.5 mg, 12.5 mg, and 17.5 mg.