On December 17, 2021, tezepelumab (Tezspire, AstraZeneca/Amgen) received regulatory approval from the US Food and Drug Administration for treatment of severe asthma in people aged 12 years and older. Tezepelumab is the first approved therapy for asthma that targets thymic stromal lymphopoietin (TSLP), and unlike other biologic therapies, it is not restricted to patients with allergic or eosinophilic asthma. The Institute for Clinical and Economic Review (ICER) evaluated the clinical and economic outcomes of tezepelumab for severe asthma. In this review, we present a summary of our findings and highlight key policy recommendations discussed at the Midwest Comparative Effectiveness Public Advisory Council’s public meeting on November 19, 2021. Complete details of ICER’s assessment are available at https://icer.org/