Abbott Wins Early OK for Arthritis Drug
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Abbott Laboratories Inc. said U.S. regulators had approved its rheumatoid arthritis treatment, Humira, which the company expects to become a blockbuster because it is easier to administer than rival treatments and may have safety advantages.
It will compete with Amgen Inc.’s treatment Enbrel and Johnson & Johnson’s Remicade. All three products work by blocking a protein called tumor necrosis factor that causes inflammation that attacks the joints.
Jan Wald, an analyst at A.G. Edwards & Sons, expects Humira eventually to generate $800 million to $1 billion a year. Abbott, which sells prostate treatment Flomax and nutritional product Ensure, has global annual sales of about $16 billion.
Abbott shares rose $2.90, or 7.8%, to $40 on the New York Stock Exchange.
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