April 26, 2024

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[THE INVESTOR] Samsung BioLogics subsidiary is gearing up to introduce its biosimilar in Europe and will have a positive effect on the parent company as well, said Korea Investment and Securities on Sept. 18, maintaining a “buy” recommendation and raising the target price to 400,000 won (US$354.77) from 350,000 won. 

Bioepis’ Herceptin knockoff Ontruzant has received a “positive opinion” from European Medicines Agency’s Committee for Medicinal Products for Human Use last week, and the biosimilar will be able to roll out in Europe in the first quarter of 2018, forecast analyst Jin Heung-guk.

Roche’s breast cancer treatment Herceptin sold US$7 billion worldwide in 2016 and W2.5 trillion won in Europe. 

Unlike the US, Europe has been prescribing more biosimilars, and Celltrion’s Remsima has secured 40 percent market share in in 2016 only three years after it was introduced. Its Truxima, a blood cancer treatment, has secured 30 percent market share in some European countries three months into sales, said the analyst adding that Samsung Bioepis will also expand fast once Ontruzant is rolled out. 

By Hwang You-mee (glamazon@heraldcorp.com)