US President Donald J. Trump has announced sweeping new tariffs on patented pharmaceutical products and their ingredients, invoking national security powers under Section 232 of the Trade Expansion Act of 1962.

Biogen has agreed to acquire Apellis Pharmaceuticals for approximately $5.6 billion in cash, expanding its portfolio of rare-disease treatments, the companies announced Tuesday.

Merck & Co. announced on Wednesday that it will acquire Terns Pharmaceuticals in a deal valued at up to $6.7 billion, as the drugmaker moves to strengthen its cancer treatment pipeline ahead of an expected patent expiry for its blockbuster therapy Keytruda.

British generics drugmaker Hikma Pharmaceuticals announced that CEO Riad Mishlawi is stepping down. Executive Chairman and former CEO Said Darwazah will assume the role temporarily.