An exterior view of Celltrion's second factory in Incheon / Courtesy of Celltrion

Korea's pharmaceutical giant Celltrion said Monday that it has received approval from Canadian health authorities for a biosimilar treatment for allergic asthma.

The company said that its biosimilar, Omlyclo, a version of Xolair, has been approved by Health Canada, adding that studies have demonstrated its equivalent performance and safety compared to the original.

The global market for Xolair, meanwhile, reached $3.63 billion in 2023, with Canada accounting for $138 million, according to Celltrion.

"As Canada is considered one of the countries with biosimilar-friendly policies, the company plans to continue supplying high-quality pharmaceutical products to further solidify its presence in the market," Celltrion said in a statement. (Yonhap)