Bristol Myers Squibb (BMY), Moderna (MRNA) and BioNTech (BNTX) are among the drugmakers set to benefit from a new UK-US trade deal.

The UK government said on Monday that the deal makes the UK the only country with a zero per cent tariff on pharmaceuticals entering the US and secures preferential terms for UK med-tech exports by preventing new tariffs.

As part of the deal, the UK secured "mitigations" under the US most favoured nation drug pricing initiative to maintain access to new treatments.

The government also said it will increase spending on innovative and effective medicines by around 25%, which could accelerate access to breakthrough cancer therapies, rare disease treatments, and other advanced medicines for NHS patients, while encouraging further investment in the UK life sciences sector.

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