Hanall Biopharma said it would exclusively sell Stavaster (ingredient: Rosuvastatin), a hyperlipidemia treatment developed by Sandoz Korea, Novartis' subsidiary for generic and biosimilar business.

Hanall Biopharma will exclusively sell and promote Stavaster, and Sandoz Korea will supply it.

Korea’s rosuvastatin market grew an average of 6.2 percent annually over the past three years to 331.6 billion won ($256.8 million) last year.

"For the past decade, Hanall has been collaborating with Sandoz Korea to provide high-quality pharmaceuticals," Hanall Biopharma Park CEO Seung-kook. "Starting with this contract, we will strengthen our partnership with Sandoz to provide a wider range of treatment options to our patients."

Sandoz Korea's country head, An Hee-kyoung, also said, "Sandos Stavaster is a high-quality medicine that has passed the current good manufacturing practice (cGMP) standards and has received recognition from hospitals."

Based on Hanall's strong sales force, the company expects to expand its sales base for products currently being developed and sold, including hyperlipidemia drugs, and further expand its presence in the Korean market, An added.

Stavaster is a generic product containing rosuvastatin, and hospitals widely prescribe the drug to treat hypercholesterolemia and prevent cardiovascular disease.