NEW YORK (AP) — Another pharmaceutical company is being targeted by lawmakers over drug pricing.
Shares of Medivation tumbled more than 7 percent in premarket trading Tuesday after a group of lawmakers opened a campaign to lower the price of its prostate cancer drug.
Reps. Lloyd Doggett and Peter Welch and Sen. Bernie Sanders urged the Department of Health and Human Services and the National Institutes of Health to step in to cut prices for the drug Xtandi, saying it costs four times more in the U.S. than it does outside the country.
They are asking for public hearings over the drug, which they say was developed at the University of California, Los Angeles, through taxpayer-supported research grants.
Medivation Inc., based in San Francisco, did not immediately respond to a request for comment.