South Korean pharmaceutical company Hanmi Pharmaceutical Co. said Monday that it has reached a license agreement with global drugmaker Janssen to develop a new diabetes-obesity drug, valued at $915 million.

Under the agreement, Hanmi will receive an upfront payment of $105 million and is also eligible for $810 million in development, registration and sales milestones, as well as double-digit royalties on sales.

Beligium-based Janssen will have an exclusive right to develop and commercialize the new drug outside China and South Korea.

The new drug, LAPS-GLP-1/GCG, is intended to be a once-a-week injection for weight loss in obese patients and blood glucose control in some diabetic patients.

Last week, the South Korean drugmaker reached a landmark license deal with Sanofi, estimated at 3.9 billion euros, to develop a portfolio of experimental, long-acting diabetes treatments.

The value of the agreement marks the largest license deal for a South Korean pharmaceutical firm ever. (Yonhap)