Massaging Trump’s Ego, Promising Investments Led to Deal with AstraZeneca

AstraZeneca CEO Pascal Soriot looked relaxed standing in the Oval Office as U.S. President Donald Trump unveiled a medicine deal aimed at lowering drug prices for millions of Americans.

The hard work had paid off, allowing Soriot to clinch the first such agreement for a non-U.S. drugmaker and shield his Anglo-Swedish company from steep tariffs threatened on exports to the U.S. — the world’s largest pharmaceuticals market, Maggie Fick and Sabrina Valle reported for Reuters.

Soriot’s charm offensive began the week after Trump’s election victory. (Photo: AstraZeneca U.S.)

That moment at the White House capped months of public and private meetings between Soriot and Trump administration officials, stretching back to November last year, when Trump won the election, three sources close to the negotiations told Reuters.

The deal reportedly came together after a last-minute push from AstraZeneca.

“You’ve kept me up at night — and my team as well. But it’s been really worth it,” Soriot joked to Trump.

The agreement is likely to bolster the 66-year-old French-born Australian’s reputation as something of a Trump whisperer, even as many CEOs globally grapple with the president’s unpredictable tariff policies.

Trump has long argued that Americans pay far too much — often three times more than consumers in other wealthy nations, according to studies — for prescription medicines.

He set a Sept. 29 deadline for drugmakers to cut prices, using threats of tariffs of up to 100% as leverage.

Soriot’s charm offensive began the week after Trump’s election victory. On Nov. 12, AstraZeneca announced a $3.5 billion plan to expand manufacturing and research in the U.S.

Soriot, who arrived in the country early last week, most recently met Trump at a Sept. 18 royal banquet dinner at Windsor Castle in Britain, one source said.

Over the summer, Soriot met with U.S. Secretary of Commerce Howard Lutnick at least three times in Britain and the U.S., that source added.

He also developed close ties with Trump ally and Virginia Governor Glenn Youngkin, leading to a rapidly assembled deal for a $4.5 billion plant in the state — a project that went from initial talks to agreement in just over a month.