Hanmi Pharmaceutical said it has signed a revised agreement with Sanofi to reduce the burden of joint research funding on Efpeglenatide.

Under the revised contract, the portion of joint research fund that Hanmi Pharmaceutical has to burden will go down by 50 million euros (65 billion won), from 150 million to 100 million euros. As the company had already paid about 31.5 million euros, Hanmi will have to pay only the remaining 68.5 million Euros.

Hanmi said in a news release that the company plans to provide the funds separately by paying 40 million euros after Sanofi applies for sales approval for Efpeglenatide to the U.S. Food and Drug Administration or by September 2022, whichever is earlier. The Korean company will pay the remainder within 15 days of the FDA’s approval, or by September 2023, also on a faster date of the two.

Developed by Hanmi, Efpeglenatide is a once-weekly GLP-1 receptor agonist for treating type 2 diabetes. The company licensed out the treatment to Sanofi in November 2015. The therapy employs Hanmi's Lapscovery delivery technology, which extends the life of a peptide or protein in the body, extending efficacy and potency.

"The amended agreement is meaningful in that it has reaffirmed Sanofi’s intention to develop Efpeglenatide,” a company official said quoting industry watchers. "We will work closely with Sanofi to speed up its launch."