Good news for patients struggling with ulcerative colitis, as Pfizer's (NYSE:PFE) new drug, Velsipity, gets approved by the European Commission for the treatment of moderately to severely active cases.
This follows a positive recommendation from the European Medicines Agency in December.
Eligible patients for Velsipity include adults aged 16 and above who haven't responded well to other treatments or cannot tolerate them.
The decision, applicable across all EU member states, stems from promising results in two large-scale trials assessing the drug's effectiveness and safety.
Approved in the US last October, Velsipity belongs to a class of immune-regulating drugs and is expected to compete with Bristol Myers Squibb's Zeposia.
Analysts suggest Velsipity has the potential to reach $2.2 billion in sales by 2030.
This approval marks a significant step forward in providing an alternative treatment option for millions of Europeans living with the challenges of ulcerative colitis.