How Good Is AbbVie's Humira Deal With Amgen?
One major cloud that has been hanging over AbbVie (NYSE: ABBV) is how long the company will be able to hold off biosimilar competition for its top-selling drug Humira. Amgen (NASDAQ: AMGN) won FDA approval last year for Amjevita, its biosimilar to Humira. However, Amjevita hasn't reached the market yet due to AbbVie's legal challenges.
AbbVie's management team has stated in the past that it would be able to protect Humira from U.S. competition through 2022. On Thursday, the company took a big step in delivering on its promise by announcing an agreement with Amgen that will prevent Amjevita from being sold in the U.S. until 2023. AbbVie stock jumped around 6% on the news. But just how good is the deal with Amgen?
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Source: Fool.com
Amgen Inc. Stock
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With a target price of 297 € there is a slightly positive potential of 5.26% for Amgen Inc. compared to the current price of 282.15 €.
