Senators to FTC: Don't let the big Celgene and Allergan buyouts hurt R&D and consumers
The pharmaceutical industry has been merging like Porsches on the Autobahn of late, raising concerns from unions and consumer groups that a growing oligopoly is promoting anti-competitive practices.
Now the mergers have provoked the ire of US lawmakers as eight Democratic senators and one wily-haired independent have written a letter to the Federal Trade Commission asking the regulatory agency to crackdown and specifically scrutinize two pending deals: AbbVie’s $63 billion bid for Allergan and Bristol-Myers Squibb proposed $74 billion acquisition of Celgene.
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