South Korea’s Ildong Pharmaceutical said on Wednesday it has inked a three-party contract to introduce AB101, an injectable once-weekly basal insulin which is being developed by U.S. biopharmaceutical company AntriaBio Inc.

Seoul-based pH Pharma Co. is another signatory to the contract as it owns marketing rights to the drug covering multiple Asian countries.

Once developed, Ildong Pharm will have marketing exclusivity of the novel diabetes drug in Korea for 10 years.

The once-weekly injectable basal insulin for type 1 and type 2 diabetes was designed to release tiny particles of insulin slowly and uniformly in the human body over the course of a week. Late-stage clinical studies began in July.

“As rival candidates are in early stages of research, the new drug will change the treatment paradigm,” said an official at Ildong Pharmaceutical.

AntriaBio, a Colorado-based biopharmaceutical company, has been developing medications for patients with diabetes and metabolic diseases since its inception in 2013.

Shares of Ildong Pharmaceutical were down 0.41 percent to close at 24,200 won on Wednesday.

By Kim Hye-soon and Lee Ha-yeon

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