South Korean pharmaceutical company Hanmi Pharmaceutical has reached a license agreement worth one trillion won or 915 million U.S. dollars with global drugmaker Janssen to develop drugs for diabetes and obesity.

Hanmi said on Monday that it signed the deal on HM12525A, a bio medicine based on oxyntomodulin that it has been developing to treat diabetes and obesity.

Under the agreement, Hanmi will receive an upfront payment of 105 million dollars and is also eligible for up to 930 billion won in the medicine's development, registration and commercialization.

Janssen will have exclusive rights to develop and commercialize the new drug outside China and South Korea.