LONDON (Reuters) - South Korea's Samsung (LON:0593xq) Bioepis and its partner Biogen (O:BIIB) have launched a third rival to AbbVie's (N:ABBV) blockbuster medicine Humira in Europe, ramping up competition for a slice of the world's top-selling prescription drug's sales.
Wednesday's launch follows similar moves a day earlier by Amgen (O:AMGN) and Novartis's (S:NOVN) Sandoz unit. A fourth so-called biosimilar copy of Humira is expected soon from Mylan (O:MYL).
The primary European patent on Humira expired on Oct. 16, opening the door to cheaper near-identical copies for treating rheumatoid arthritis, Crohn's disease, ulcerative colitis and psoriasis.
Humira's worldwide sales were $18 billion last year, of which around $4 billion (£3 billion) came from Europe, and healthcare providers are hoping for significant savings with the arrival of cut-price rivals.
Samsung Bioepis is a joint venture between Samsung BioLogics (KS:207940) and Biogen.
News of the launch comes amid a slide in Samsung BioLogics shares after a local media report that said the company faces disciplinary action due to alleged accounting violations.