Why AbbVie and Amgen Are Moving Lower Today

Shares of the immunology juggernaut AbbVie (NYSE: ABBV) were down by 4% on sky-high volume as of 11 a.m. ET Thursday. That's equivalent to a $7 billion drop in market capitalization.

What's spooking investors this morning? The big loss came after Coherus Biosciences announced a partnership with billionaire Mark Cuban's pharmaceuticals start-up -- known as the Mark Cuban Cost Plus Drug Company -- to sell a biosimilar (a generic biologic) version of AbbVie's flagship anti-inflammatory medication, Humira, at an 85% discount.

Coherus' biosimilar will be branded as Yusimry. The small-cap pharma company plans on launching the low-priced Humira knock-off in July, according to the press release.

Source Fool.com