Regeneron struck a deal with the Trump administration to lower drug prices and offer a new hearing-loss gene therapy for free to eligible patients.
WASHINGTON — Regeneron Pharmaceuticals has agreed to reduce drug prices for some U.S. patients and provide its newly approved hearing-loss gene therapy at no cost to eligible patients, as part of a deal with the Trump administration.
The agreement, announced by the White House on Thursday, is part of President Donald Trump's "most favored nation" policy, which aims to align U.S. drug prices with the lowest prices in other developed nations.
Under the deal, Regeneron will also be exempt from tariffs for three years, including potential up to 100% levies on certain pharmaceutical products.
Broader Administration Push
The Trump administration has signed 17 similar agreements with other drugmakers and is negotiating additional deals, according to Chris Klomp, deputy administrator of the Centers for Medicare and Medicaid Services.
New Gene Therapy Approved
Earlier on Thursday, the U.S. Food and Drug Administration approved Regeneron's gene therapy, Otarmeni, for an ultra-rare genetic condition that causes deafness.
The therapy, which restored hearing in a small number of deaf children, received expedited approval through the FDA's National Priority Voucher program.
Piper Sandler analysts estimate peak sales of $130 million for the therapy.