FDA approves AbbVie's $59K rheumatoid arthritis drug

The FDA has approved Rinvoq, a once-daily oral pill for the treatment of moderate to severe rheumatoid arthritis. 

AbbVie, the maker of Rinvoq, plans to launch the product in the U.S. in late August with a price tag of $59,000 per year, according to Reuters.

Rinvoq belongs to a class of medications known as JAK inhibitors that block enzymes that cause inflammation.

The FDA approval comes as a big boost for AbbVie, which is facing generic competition for its older blockbuster rheumatoid arthritis treatment Humira. 

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