Sanofi and Regeneron Pharmaceuticals, following a similar move by rival Amgen, will cut the U.S. list price of their cholesterol drug Praluent by 60 percent, Reuters reports.
The new price of Praluent will be $5,850 per year, which will match the price Amgen set when it lowered the price of its competing cholesterol drug Repatha last year.
The decision to lower the price comes as the drugmakers hope to increase use of the cholesterol drug. In recent years, sales have lagged because of roadblocks insurers use to limit spending on expensive drugs.
Sanofi and Regeneron expect the lower-priced drug to be available in March.