Chief Judge Colm F. Connolly of the US District Court for the District of Delaware has rejected AstraZeneca's (AZN) attempt to sue Medicare over drug price negotiations. The judge ruled that AstraZeneca is not entitled to sell the government drugs at prices that the government does not agree to pay. Yahoo Finance Health Reporter Anjalee Khemlani joins the Live show to discuss the court ruling and what this means for pharmaceutical companies at large. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
In the closing of the recent trading day, Astrazeneca (AZN) stood at $64.60, denoting a +0.69% change from the preceding trading day.
A federal judge in Delaware on Friday upheld a law that requires some drugmakers to negotiate prices with the U.S government's Medicare health insurance program, rejecting a challenge by AstraZeneca to one of Democratic President Joe Biden's signature initiatives. U.S. District Judge Colm Connolly's decision comes the day before the British drugmaker is due to respond to the U.S. government's initial bid for the price of its blockbuster diabetes drug Farxiga. "Today's ruling offers more reason for optimism that we will drive down the cost of prescription drugs in America," U.S. Secretary of Health and Human Services Xavier Becerra said in a statement.