SK Chemicals Co., a South Korean chemicals maker and drug developer, said on Thursday it has signed a contract to supply diabetes medications to global biopharmaceuticals giant AstraZeneca plc’s Korean affiliate from July 19 of this year until the end of 2029.
Under the agreement, SK Chemicals will manufacture and deliver the chemical drug, dubbed Sidapvia, to AstraZeneca. The multinational bio giant will then distribute the medicine in Korea and seek to win more marketing approvals for the drug globally. The value of the deal was not disclosed.
The two companies agreed in 2020 to jointly develop and commercialize a diabetes treatment. Last month, they began production of Sidapvia and secured their first marketing license for the drug from Korea’s Ministry of Food and Drug Safety as a type II diabetes medication for adults.
The chemical drug combines dapagliflozin, which is known to lower blood sugar levels in people with type II diabetes, and sitagliptin, which helps control blood sugar levels by increasing substances that make the pancreas release more insulin.
SK Chemicals’ pharmaceutical technologies and manufacturing capabilities have been recognized worldwide, said CEO Ahn Jae-hyun. The company will continue to develop collaborations with AstraZeneca, he added.
Write to Dae-Kyu Ahn at powerzanic@hankyung.com
Jihyun Kim edited this article.
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