Stock prices for Novo Nordisk fell by about 3% at market open after the Biden administration selected its revolutionary drugs for mandatory price negotiations.

The negotiated prices of 15 Medicare Part D drugs, which include several blockbusters, will go into effect in 2027.

Novo Nordisk's blockbuster diabetes drug Ozempic and weight-loss treatment Wegovy are among the 15 drugs targeted for Medicare price negotiations for 2027, the U.S. government said on Friday. Other drugs on the list include Pfizer's cancer drugs Ibrance and Xtandi,