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July 12 (NBD) -- Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (600196.SH) announced Thursday that its subsidiary Wanbang Biopharmaceuticals has gained approval from the State Drug Administration for clinical trial of a new drug.

The drug is a SGLT-2 inhibitor for treating diabetes mellitus type 2, and is independently developed by Sirona Biochem Corp. Wangbang got licensed in 2014 to develop, produce and commercialize the product in mainland China.

As of this June, Fosun Pharma and its holding units have spent around 36 million yuan (5.4 billion U.S. dollars) on the development of the new drug.

Email: tanyuhan@nbd.com