PHILADELPHIA — Lannett Co. plans to co-develop a generic insulin pharmaceutical product for the U.S. market with YiChang HEC ChangJiang Pharmaceutical Co. Ltd., its strategic partner in China.

Lannett said Friday that holds the exclusive U.S. marketing rights to the product, which currently is in late-stage development. The company will manage the remaining clinical and regulatory steps specific for a U.S. Food and Drug Administration (FDA) license to market.

An HEC Group company, YiChang HEC ChangJiang Pharmaceutical focuses on the development, manufacturing and sales of pharmaceuticals in viral infections, endocrine and metabolic diseases and cardiovascular diseases in the People’s Republic of China.

“YiChang HEC ChangJiang Pharmaceutical Co. is a large pharmaceutical company with substantial drug development and manufacturing expertise,” stated Arthur Bedrosian, chief executive officer of Lannett. “Importantly, the company has developed a proprietary process for manufacturing the insulin protein and plans to build a dedicated facility for the manufacture of the insulin product for multiple markets around the world.”

U.S. sales of insulin pharmaceutical products totaled more than $21 billion for the 12 months ended in August 2015, according to IMS Health data reported by Lannett.

Bedrosian added, “For Lannett, generic insulin represents a significant growth opportunity and would allow us to participate in a multibillion dollar product market. Moreover, if approved, the product complements and diversifies our offering in a substantial and vital area of the pharmaceutical industry. We are currently collaborating with HEC on five projects, which include the development of certain products and a distribution agreement.”