US: Congress wants Botox buyout review

Seven US Democratic Senators are reportedly calling or regulators to review the proposed acquisition of Allergan, which makes Botox, by Canada’s Valeant Pharmaceuticals.

According to reports, lawmakers want the $54 billion hostile takeover offer reviewed, citing former Valeant buyouts that lead to job cuts.

The company reportedly cut hundreds of jobs in New York after buying Bausch + Lomb.

Allergan twice has rejected Valeant’s buyout offers, claiming they severely undervalue the US pharmaceutical company. Valeant then joined Allergan shareholder Pershing Square Capital Management for the latest bid in efforts to oust the board of directors to secure the acquisition deal.

Full content: Democrat and Chronicle

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.