Daewoong Pharmaceutical said Thursday that it had signed a joint sales agreement with LG Chem for the latter's diabetes combination drug, Zemidapa Tab, and started selling it in January.

This accord allowed Daewoong to co-market LG Chem's entire diabetes drug lineup, including Zemiglo, Zemimet, and Zemidapa.

Zemidapa is a combination drug that combines the components of Zemiglo (gemigliptin), a DPP-4 inhibitor, and SGLT-2 inhibitor dapagliflozin, representing the only combination drug that combines both components.

DPP-4 inhibitors break down sugar by promoting insulin production, while SGLT-2 inhibitors excrete sugar from the body, making the combination a complementary treatment for diabetes symptoms, Daewoong said.

Daewoong has previously co-marketed Zemiglo with LG Chem. Starting this year, the two companies plan to further utilize Zemidapa to lead the domestic diabetes drug market worth 1.43 trillion won ($1.6 billion).

"We are very pleased to continue our partnership with LG Chem," said Park Eun-kyeong, Marketing HQ Director at Daewoong Pharmaceuticals. "We are looking forward to rapidly expanding our market share as we both have domestic diabetes drugs and are leading the market."

"We will do our best to continue the myth of Zemiglo with Zemidapa by providing optimal treatment options for diabetic patients," Park added.

"By strengthening our partnership in diabetes, we will consolidate our number one position in the domestic market," said Hwang In-chul, Vice President and Head of Primary Care Unit at LG Chem. "We will continue to invest in R&D to strengthen the unrivaled competitiveness of the Zemiglo family."