Stock prices for Novo Nordisk dropped precipitously Friday after a last-minute announcement from the Biden administration that the premier drugs from the Danish pharmaceutical juggernaut have been selected for forced price negotiations for Medicare.

The U.S. government has selected the second batch of drugs up for Medicare price negotiations under the Inflation Reduction Act. | The U.S. government has selected the second batch of drugs up for Medicare price negotiations under the Inflation Reduction Act.

The Biden administration said Medicare will negotiate discounts with drug companies on 15 drugs prescribed to treat cancer, diabetes and asthma.