Affecting
almost 1.3 million people in the US, rheumatoid arthritis causes the immune
system to mistakenly attacks joints, damaging the bones and tissues.
The approval comes at a crucial time for the North Chicago, Illinois-based firm, which has been seeing weakness in its flagship drug Humira, used in the treatment of rheumatoid arthritis and psoriasis, especially in Europe.
READ: Abbvie’s oncology push makes it an attractive stock
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During the most recently reported quarter, revenues from the Immunology unit fell 5.2%, as sales of Humira dipped 6% year-over-year. During the quarter, Humira still accounted for almost 60% of its total revenues.
The
company is also diversifying its portfolio with a recently announced that it
would acquire
Irish competitor Allergan (NYSE: AGN)
for $63 billion. Immediately following
the deal, AbbVie shareholders are expected to have approximately 83% stake in
AbbVie on a fully diluted basis, and the rest with Allergan shareholders.
AbbVie shares have tumbled 28% so far this year.