Regeneron He agreed to lower U.S. drug prices for some Americans as part of a deal with President Donald Trump, the White House said Thursday.
The biotech company will also offer the first gene therapy for hearing loss for free to eligible U.S. patients following regulatory approval of the product on Thursday.
Regeneron is the latest in a series of major drugmakers to make pricing concessions for new and existing drugs under deals with Trump. Those agreements are part of its “most favored nation” effort to tie U.S. drug prices to the lowest in other developed nations.
The agreements also exempt companies from tariffs for three years, including taxes of up to 100% planned by Trump on some pharmaceutical products. So far, the Trump administration has signed 17 deals, but is negotiating more with other biotech and pharmaceutical companies, CMS Deputy Administrator Chris Klomp said during an event at the White House on Thursday.
The Regeneron deal comes just hours after the Food and Drug Administration approved the company's gene therapy, Otarmeni, which restored hearing in a small number of deaf children. The treatment received accelerated approval under the FDA's so-called National Priority Voucher program.
The drug targets an ultra-rare genetic condition caused by a mutation that prevents the body from producing a protein necessary for hearing. It is a significant advance for a subset of patients who have long relied on cochlear implants.
In a March note, Piper Sandler analysts estimated the gene therapy will reach peak sales of $130 million.
— CNBC's Angelica Peebles contributed to this report.
