The market value of South Korean biopharmaceutical maker Samsung BioLogics Co. surged during this year's stock rally and is forecast to further rise down the road thanks to its solid biosimilar business, market analysts said Sunday.

Samsung BioLogics, a biopharmaceutical unit of South Korea's top conglomerate Samsung Group that was listed in November last year, bypassed all local pharmaceutical companies in terms of market value.

The market capitalization of Samsung BioLogics came to 21 trillion won ($19 billion) as of Friday. Hanmi Science, a holding firm of drug company Hanmi Pharmaceutical Co., came in second place with 5.6 trillion won and Hanmi Pharmaceutical trailed with 4.8 trillion won.

"The local pharmaceutical market is changing from more companies selling not only biomedical products but more copied drugs. Also, biopharmaceutical makers are also reshaping the market centered around biosimilars," said Lee Seung-ho, an analyst at Samsung Securities Co. 

Samsung BioLogics, which started operations in 2011, manufactures drugs for world-famous pharmaceutical brands such as US-based Bristol-Myers Squibb and Switzerland-based Roche Holding.

The market value of Samsung BioLogics ranked 14th in South Korea as of Friday, higher than top auto parts maker Hyundai Mobis and No. 1 mobile carrier SK Telecom.

 The pharmaceutical firm posted 63.2 billion won in sales during the second quarter helped by its contract manufacturing organization that has secured tie-ups, not only with smaller firms, but also multinationals.

Market analysts predict the share price of Samsung BioLogics to further rise down the road due to rising sales of its biosimilars and numerous deals.

"Samsung BioLogics is expected to remain in the black after posting its last loss in the second quarter," said Jin Heung-guk, an analyst at Korea Investment & Securities Co. "Samsung Bioepis Co., a key subsidiary, will continue to put new products on the world market."

Last month, Samsung Bioepis reached an agreement with Japan-based drug giant Takeda Pharmaceutical Company Ltd. to jointly develop new original drugs. Under that partnership, the two will develop novel drugs in unmet disease areas by first working on a treatment for pancreatitis called TAK-671. (Yonhap)