12:19 PM EDT, 08/15/2024 (MT Newswires) -- (Updates with additional information in the third paragraph, Novo Nordisk's ( NVO ) statement in the fourth paragraph and attempt to reach the Centers for Medicare & Medicaid Services in the fifth paragraph.)

Novo Nordisk ( NVO ) submitted a notice of appeal to the US Court of Appeals for the Third Circuit after a federal district judge rejected its arguments against the Medicare Drug Price Negotiation Program.

The appeal was filed Wednesday, a day before the Centers for Medicare & Medicaid Services, or CMS, published the first 10 negotiated drug prices under the new program, which included Novo Nordisk's ( NVO ) Fiasp and NovoLog products for the treatment of diabetes. The CMS aggregated the drugmaker's products as a single drug on the list.

A district judge on July 31 denied the company's motion challenging the Medicare Drug Price Negotiation Program.

"We are appealing the ruling to the US Court of Appeals, as we maintain serious concerns about how the law is being implemented, particularly in regard to the impact it may have on patient access, affordability, and the future discovery of new medicines and cures," Novo Nordisk ( NVO ) told MT Newswires in a statement.

CMS did not immediately respond to a request for comment by MT Newswires.

Price: 137.15, Change: +2.73, Percent Change: +2.03