Amgen, Inc (NASDAQ:AMGN), one of the Top Biotech Stocks, in a news release announced the European Commission had gone ahead to approve Amgevita, which is the company’s biosimilar to AbbVie Inc (NYSE:ABBV)‘s Humira (adalimumab)
As was expected, the medication gained approval from the U.S. Food and Drug Administration and this happened precisely during the third quarter of 2016. The company’s executive vice president of research and development, Sean E. Harper, in a statement revealed that it was indeed a major milestone for the company to have gained approval for its first biosimilar.
According to him, it wasn’t an easy task getting the European Commission to sign and this is not only important to them, but also to the many patients struggling with chronic inflammatory complications.
Additionally, Amgevita is known to showcase great potential in offering persons suffering from inflammatory diseases with an alternative option of treatment and this is great! The new milestone exemplifies the company’s ongoing dedication to the lifting up of the high-quality biologic medicines.
One thing which seems quite interesting is the fact the company’s biosimilar is at the moment favorably competing against Humira in the two markets. This will as a matter of fact spike up apprehension among AbbVie’s shareholders since in one way or the other it may tone down Humira’s market share in Europe and the U.S.As a matter of fact they lack the reason to harbor any fears considering that Amgevita is a biosimilar to Humira and at the same time it isn’t an interchangeable product.
Amgen believes in “biology first” approach and that is a principle it has upheld over the years. By employing cutting-edge science and technology it its research activities, it has been able to make tremendous steps towards attaining high levels of success.
According to some inside sources, the company has lately been summoning its board members in continuous meetings with the aim of discussing development. Maintaining the company’s position as a market leader is quite demanding and thus there is no time to sit back and relax.
A lot is currently going on in the company, however, the future remains unknown. We just have to wait and see.