Editor

Margaux Hall

Partner

MFN Goes Mid-Market: Nine More Drugmakers Sign Medicaid Pricing Deals as the September 29 Tariff Deadline Approaches

On August 31, 2026, the White House announced most-favored-nation (“MFN”) pricing agreements with nine additional pharmaceutical manufacturers: Alcon, Astellas Pharma, BeOne Medicines, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals, and UCB. The agreements bring the total number of manufacturers with MFN deals to 26, which the White House says covers 89 percent of the branded drug market.

How ‘Most Favored Nation’ Regime Affects Biopharma Deals

This article describes the current state-of-play with MFN and key deal drafting considerations. Life sciences dealmaking is running at a record pace — straight into a pricing regime that is still being written. According to Gibson Dunn’s July biopharma M&A survey, the first half of 2026 saw 13 announced acquisitions of public biopharma targets ranging…