Samsung's (SSNLF) pharmaceutical arm Bioepis is poised to win final approval for a lower priced drug that treats rheumatoid arthritis and will directly compete with the world's top selling drug, AbbVie Inc's (ABBV - Get Report) Humira, the Wall Street Journal reported.
The South Korean conglomerate received a positive opinion from the European Medicines Agency for its treatment, called Imraldi. The European Commission has the final say and typically mimics the decision of the EMA, suggesting Imraldi could hit shelves soon after Humira's patent expires in Oct. 2018.
If approved, Imraldi will be the third Samsung drug to win approval in Bioepis' short five-year life span. The company won FDA approval in April for a drug mimicking Johnson & Johnson's (JNJ - Get Report) Remicade rheumatoid arthritis treatment. And in Europe, Bioepis sells a Pfizer (PFE - Get Report) Enbrel lookalike.
What's Hot On TheStreet:
Well OK then, Jeff Immelt: General Electric's (GE - Get Report) outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR - Get Report) CEO might have made about Amazon (AMZN - Get Report) who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.
Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.
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