The Inflation Reduction Act that creates a distinction between small molecule and large molecule products for purposes of determining when a drug may be eligible for drug price negotiation.
All entries for: Oncology
August 14, 2025
FORTRESS BIOTECH, INC
Neutral Outlook
New York, New York
1-50 employees
The Inflation Reduction Act of 2022 (the “IRA”) contains substantial drug pricing reforms, including the establishment of a drug price negotiation program within the U.S. Department of Health and Human Services that would require manufacturers to charge a negotiated “maximum fair price” for certain selected drugs or pay an excise tax for noncompliance, the establishment of rebate payment requirements on manufacturers of certain drugs payable under Medicare Parts B and D to penalize price increases that outpace inflation.
Disease Area: Oncology
Drug Type: Biologic
August 14, 2025
IO Biotech, Inc
Neutral Outlook
Copenhagen, Denmark
51-200 employees
The Inflation Reduction Act (the “IRA”), which was passed in 2022, imposes inflation rebates on drug manufacturers for products reimbursed under Medicare Parts B and D if the prices of those products increase faster than inflation; and, beginning in 2026, the IRA establishes a “maximum fair price” for a fixed number of high expenditures pharmaceutical and biological products covered under Medicare Parts B and D following a price negotiation process with CMS. Similar efforts to control pharmaceutical and biological product pricing are also taking place at the state level.
Disease Area: Oncology
Drug Type: Biologic
August 14, 2025
Tvardi Therapeutics Inc
Neutral Outlook
Sugar Land, TX
1-50 employees
President Biden signed the Inflation Reduction Act of 2022 (IRA), into law, which among other things, extends enhanced subsidies for individuals purchasing health insurance coverage in ACA marketplaces through plan year 2025. The IRA also eliminates the “donut hole” under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum out-of-pocket cost and through a newly established manufacturer discount program. It is possible that the ACA will be subject to judicial or congressional challenges in the future.
Disease Area: Oncology, Rare Diseases, Respiratory Diseases
Drug Type: Small Molecule
August 13, 2025
Fate Therapeutics
Layoffs
San Diego, CA
51-200 employees
Some 12% of employees at Fate Therapeutics are on the chopping block as the California-based biotech seeks to extend its cash runway through the end of 2027. Fate had 181 full-time employees as of Dec. 31, indicating that this latest round of cuts could affect some 22 people.
Disease Area: Chronic Disease, Immune Diseases, Oncology
Drug Type: Biologic
August 12, 2025
Merck
Layoffs
Rahway, NJ
10,001-50,000 employees
Merck will let go of 58 people at its Rahway, New Jersey, headquarters effective Nov. 14. The layoffs come after Merck confirmed it will execute $3 billion in cost cuts to support the launches of more than 20 products nearing the market. The move could affect roughly 6,000 employees during the multi-year move. Merck is paring back its workforce to help support the launches of 20 products nearing the market, according to a July 29 announcement. The cuts include eliminating administrative, sales and research and development roles.
Disease Area: Antiviral, Cardiology, Immune Diseases, Multiple, Neurological Diseases, Oncology
Drug Type: Biologic, Small Molecule
August 12, 2025
Bicara Therapeutics Inc.
Negative Outlook
Cambridge, Massachusetts
1-50 employees
The Inflation Reduction Act of 2022 (the “IRA”) includes several provisions that will impact our business to varying degrees, including provisions that allow the U.S. government to negotiate Medicare Part B and Part D pricing for certain high-cost drugs and biologics without generic or biosimilar competition, among others.
Disease Area: Oncology
Drug Type: Biologic
August 12, 2025
Onkure Therapeutics, INC
Neutral Outlook
Boulder, Colorado
1-50 employees
In August 2022, Congress passed the Inflation Reduction Act of 2022 (the “IRA”), which includes prescription drug provisions that have significant implications for the pharmaceutical industry and Medicare beneficiaries, including among other changes allowing the federal government to negotiate a maximum fair price for certain high-priced single-source Medicare drugs
Disease Area: Oncology
Drug Type: Biologic, Small Molecule
August 12, 2025
Vor Biopharma Inc
Neutral Outlook
Cambridge, Massachusetts
51-200 employees
The Inflation Reduction Act of 2022 (the “IRA”) was signed into law, which among other things, extends enhanced subsidies for individuals purchasing health insurance coverage in ACA marketplaces through plan year 2025. The IRA also eliminates the “donut hole” under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum out-of-pocket cost and creating a new manufacturer discount program.
Disease Area: Oncology
Drug Type: Biologic, Small Molecule
August 12, 2025
Lyell Immunopharma, Inc.
Neutral Outlook
South San Francisco, California
201-500 employees
Further, the Inflation Reduction Act of 2022 (the IRA), signed into law on August 16, 2022, among other things, extends enhanced subsidies for individuals purchasing health insurance coverage in the ACA marketplaces through plan year 2025. The IRA also eliminates the “donut hole” under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum out-of-pocket cost and through a newly established manufacturer discount program.
Disease Area: Oncology
Drug Type: Biologic, Small Molecule