Drug Pricing Regulation — Most Favored Nation Executive OrderOn May 12, 2025, President Trump issued an executive order titled “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients,” directing the U.S. Department of Health and Human Services to establish pricing benchmarks for prescription drugs based on the lowest prices paid in other developed countries. While the President announced that the “prescription drug and pharmaceutical prices will be reduced, almost immediately, by 30% to 80%,” many of the proposed changes would require formal rulemaking and are expected to face legal challenges. Although the implementation timeline and extent of any actual price reductions remain uncertain. If enacted, these changes could materially affect our life science tenants by potentially diminishing their profitability and constraining future growth, which in turn can reduce their future demand for life science space.