AbbVie signed a non-exclusive licensing deal with Pfizer for its Humira biosimilar, Nasdaq reports.
Here's what you should know:
1. Pfizer can launch its Humira biosimilar in the U.S. on Nov. 20, 2023. In Europe, Pfizer can launch as soon as it receives European Medicines Agency approval.
2. Pfizer will pay royalties to AbbVie after the launch.
3. If other Humira biosimilars launch, Pfizer will not be able to accelerate its launch. AbbVie has similar deals with other pharmaceutical companies.
4. Humira is AbbVie's flagship product. The drug accounts for more than 60 percent of the company's total sales. AbbVie believes Humira will approach $21 billion in sales in 2020.
5. By reaching the deal with Pfizer, AbbVie will have time to prepare new drug products before Humira biosimilars launch.