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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