Bristol Myers Squibb sues federal government over Medicare drug negotiations: report

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Bristol Myers Squibb Co.

is suing the federal government over Medicare’s drug price negotiation program, CNBC reported late Friday. The company has asked the court to declare the program unconstitutional, and to be exempt from it, the report said. Earlier this month, Merck & Co.

filed a similar lawsuit, calling the program, established last year as part of the Inflation Reduction Act, “tantamount to extortion.” Shares of Bristol Myers Squibb were flat in the extended session Friday after ending the regular trading day up 2.3%.

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