- Alvogen Korea’s Alymsys® is its first approved biosimilar product for oncology and among the first three approved biosimilars to Avastin® (bevacizumab) in Korea.
- The product is complementary to Lotus’ existing oncology products adding also a major biosimilar product to the overall portfolio
Lotus Pharmaceutical (1795：TT), a multinational pharmaceutical company, today announced that its wholly owned subsidiary Alvogen Korea's bevacizumab “Alymsys®” has been approved by the Ministry of Food and Drug Safety (MFDS) in Korea. This is among the first three approvals for biosimilar of bevacizumab in Korea, following Samsung Bioepis and Pfizer, and the second one covering the full indications.
Alvogen Korea’s Alymsys® (bevacizumab) is a biosimilar to the cancer drug Avastin® (bevacizumab) indicated for the treatment of various types of cancers, including colon and lung cancers, as mono or combination therapy with other oncology medication. According to IQVIA data, the total sales of the original drug Avastin® in Korea were approximately US$100 million in 2020 and bevacizumab is widely used for treating cancers in 200 general hospitals in Korea. The overall market is expected to grow consistently as the number of patients continue to increase by 4% every year on average and the addition of biosimilar alternatives.
Petar Vazharov, Chief Executive Officer of Lotus, said: “As a global leader in the development of oral oncology products, Lotus is proud to announce Alymsys® approval in Korea, which is our first oncology biosimilar product approved in Asia, and more remarkably, being among the first three companies in Korea with approved biosimilar bevacizumab in a market over 100 million USD annually. We shall be pleased to expand access to our high-quality biosimilar bevacizumab to patients in Korea.”