Korean insulin developer UNDBIO Inc. has signed a memorandum of understanding to build an insulin manufacturing and research facility in West Virginia, United States to speed up its forays into overseas markets with more affordable insulin and insulin analog products.

An MOU signing ceremony was attended by UNDBIO Chairman Jun Yong-soo and West Virginia Department of Economic Development Cabinet Secretary Mitch Carmichael, according to the company on Wednesday.

UNDBIO said it will complete its pilot facility to be built at the West Virginia University Research Park in 2023 and manufacture drugs for human clinical trials in 2024.

More than 50 million people are affected by diabetes in the U.S. with 16 percent of adults in West Virginia, but access to injectable insulin is challenging due to high prices in the country, said a company official.

“We are ready to cooperate as much as possible for the construction of UNDBIO’s insulin plant,” said Senator Shelley Moore Capito, R-W.Va., who applauded the MOU, adding “the plant will bring more than 1,000 new jobs to the area over the next few years.”

By Yoo Joo-yeon and Minu Kim

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