Amgen Applies To FDA For Competitor Drug To AbbVie's Humira

Amgen Inc. said late Wednesday it submitted to the Food and Drug Administration a marketing application for a biotech drug similar to AbbVie Inc.'s Humira. Amgen said clinical studies showed that its ABP 501 drug showed a clinical equivalence to Humira, which had 2014 sales of $12.54 billion, about 63% of AbbVie's revenue for that year. Humira is approved to treat inflammatory diseases like plaque psoriasis and rheumatoid arthritis. Shares of Amgen and AbbVie were flat in after hours activity.