Boryung Pharmaceutical said Wednesday that it has launched Onbevzi, a biosimilar for Avastin (Ingredient: bevacizumab) developed by Samsung Bioepis in Korea.

The launch comes after Boryung acquired exclusive sales rights in Korea for Onbevzi from Samsung in May of this year. According to the company, Onbevzi is the first biosimilar in Korea for Avastin, an anticancer drug developed by Roche.

"Onbevzi is a product that has proven its efficacy and safety on par with Avastin, the original product, through phase 1 and 3 clinical trials," the company said. "Also, the drug is 37 percent cheaper than Avastin's insured-price enabling more patients to receive treatment opportunities and has a longer shelf life of 36 months compared to the 24 months for Avastin."

Indications for Onbevzi include metastatic colorectal cancer, metastatic breast cancer, non-small cell lung cancer, advanced or metastatic renal cell carcinoma, glioblastoma, epithelial ovarian cancer, fallopian tube, or primary peritoneal cancer, and cervical cancer.

Boryung Pharmaceutical, which has the top market share for anticancer drugs among local pharmaceutical companies, plans to target the local bevacizumab market, worth 120 billion won annually, based on the product excellence of Onbevzi and differentiated anticancer drug sales and marketing competitiveness.

"Onbevzi 's 37 percent cheaper drug price compared to Avastin and its specialized advantages of enhanced ease of use will reduce the patient's financial burden as well as improve treatment outcomes," Boryung Pharmaceutical's Oncology Division head Kim Young-seok said. "By enhancing the synergy between Samsung Bioepis' product power and Boryung Pharmaceutical's sales competitiveness, we will make active efforts to quickly settle Onbevzi in the market and expand its market share."