LG Chem announced on Friday that it has received approval from the Korean Ministry of Food and Drug Safety (MFDS) for Xelenka, a Humira biosimilar for autoimmune disease treatment.

This approval comes about a year after LG Chem applied for the approval in December last year.

Xelenka is indicated for rheumatoid arthritis, psoriatic arthritis, uveitis in adults, Crohn's disease, and juvenile idiopathic arthritis in children.

Humira, the original drug developed by U.S. multinational pharmaceutical company AbbVie, generated sales of approximately $21.37 billion in 2022.

Other Korean pharmaceutical companies that have developed and licensed Humira biosimilars include Samsung Bioepis' Hadlima and Celltrion's Yuflyma.

"Xelenka is a biosimilar product developed as a control for Humira's high-concentration formulation, and has enhanced patient convenience by removing citrate, which can cause pain for patients," said LG Chem in a public filing. "We expect to provide patients with more options for treating autoimmune diseases through our previously launched etanercept biosimilar, Eucept, and Zelenka."

Following the news of Xelenka's approval in Korea, LG Chem's stock price was trading at 491,000 won ($379.4) as of 11:30 a.m. on Friday, up 5.8 percent from the previous day.