The European Union has approved the U.S.-based Pfizer's breast cancer drug Ibrance this past Wednesday. This makes the best-selling drug, which was approved by the U.S. Food and Drug Administration in February 2015, the first of its kind to reach the European market.
According to the Reuters report, the approval comes just as Novartis readies a rival treatment called ribociclib. Back in October a bevy of Big Pharma companies were suing each other over biosimilars.
Analysts estimate sales of Ibrance to be around $2.1 billion in 2016, according to Thomson Reuters data.
Read the Reuters report