Seoul, Dec 9 (IANS): South Korea's pharmaceutical giant Celltrion on Monday said 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, Yonhap reported.

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.

Early this month Celltrion also began commercial operation of its third manufacturing plant in the country.

The plant in Incheon, just west of Seoul, has begun producing Celltrion's drug substances, according to the Korean company.

Celltrion now has a combined annual drug production capacity of 250,000 liters, including the third plant's capacity of 60,000 liters, the report said.

The new plant will be in charge of manufacturing various types of products to swiftly respond to diversifying demands in the global biopharmaceutical market, Celltrion said.

In November, Celltrion Chairman Seo Jung-jin said that the South Korean drugmaker plans to achieve annual sales of 5 trillion won ($3.58 billion) next year, driven by the growth of its biosimilar products and a new treatment for autoimmune diseases.

The 2025 sales target is 50 per cent higher than the 3.5 trillion won of annual revenue expected to be recorded this year, Jung-jin said in an investors relations meeting in Hong Kong.

"By 2027, the company will also be able to post an annual revenue of 10 trillion won," he said.