Here are the latest stories being discussed in biopharma today:

1. Drugmakers Grapple with Price Negotiations:
In their first round of drug price negotiations, pharmaceutical manufacturers have offered counterproposals to the Biden Administration’s attached drug pricing provisions. The move comes in response to the Administration’s ongoing efforts to reduce drug costs under the Inflation Reduction Act, challenging efforts to overturn these provisions.

2. White House’s Push on Lowering Drug Costs:
The White House convened a roundtable to apply further pressure on pharmacy benefit managers (PBMs) to reduce patients’ drug costs. Featuring FTC Chair Lina Khan, billionaire Mark Cuban, and Kentucky Governor Andy Beshear, the discussion addressed the potential for legislation to change the workings of PBMs and increase transparency in the industry.

3. Hugel Bags FDA Approval for Botox Rival:
Hugel Aesthetics achieved FDA endorsement for Letybo, its neurotoxin injection product designed to combat moderate to severe frown lines. Despite facing rejection due to manufacturing issues and needing to refile, Hugel’s win puts pressure on AbbVie’s leading product, Botox Cosmetic.

4. Pfizer Halts Construction of $350M Manufacturing Facility:
Pfizer will cease construction of a manufacturing facility initiated by Seagen in Washington State. Affecting approximately 120 employees, the production of oncology products planned for the site will transfer to Pfizer’s site in Sanford, NC.

5. Sandoz Acquires Lucentis Biosimilar from Coherus BioSciences:
Pharmaceutical company Sandoz wraps up its $170 million acquisition of Cimerli, a biosimilar to Roche’s eye disease drug Lucentis, from Coherus BioSciences. This marks Sandoz’s first acquisition since its spin-off from Novartis.

6. Republican Senators Object to Biden’s Drug Patent Proposal:
A proposal from President Joe Biden to “march-in” and seize pharmaceutical patents if drug prices are deemed too high has been contested by 16 Republican senators. The Bayh-Dole Act has never been used in this way before, and these new developments could deter partnership with the NIH, inhibit patient access, and compromise the return on investment for the NIH.

7. Extra: Pfizer’s Vision for Cancer Portfolio:
Pfizer has set out its ambitious vision for its cancer portfolio as it makes determined efforts to stimulate the growth of its business.