South Korean drug maker Donga Pharmaceutical said on March 18 that it will roll out its diabetes drug Suganon in India next month.

India-based pharmaceutical firm Alkem Laboratories won exclusive rights to distribute and market the treatment medicine for type 2 diabetes. It will be officially available in the Indian market on Apr. 1 under the name of Valera.

It marks the first time that a Korean pharmaceutical company is set to sell its indigenously developed drug in an overseas market.

In 2012, the two companies signed a license-out agreement for India and Nepal. Donga will provide materials for SUGANON and Alchem will be responsible for the manufacturing, sales, and marketing.

Alkem, founded in 1973, is a multinational pharma company headquartered in Mumbai. The company manufactures and sells generic drugs, and formulations in India.

Suganon is a 5mg once-daily tablet for the treatment of type 2 diabetes. The drug was approved by local health authorities as the 26th domestically made drug in 2015.

By Ram Garikipati and newswires (ram@heraldcorp.com)