Under the deal, SK Chemicals will carry out later-stage clinical phase 2 and 3 trials in Korea.
The product is expected to be launched in 2018 in Korea for which SK Chemicals will have marketing rights.
SK Biopharmaceuticals will develop YKP10811 for all applicable indications in the remaining parts of the world.
SK Biopharmaceuticals CEO and president Dr. Christopher Gallen said, "This alliance creates a valuable synergy within the SK Group to enhance the opportunity for YKP10811 to treat multiple diseases of the enteric nervous system, Chronic Idiopathic Constipation as well as IBS-C."