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U.S. Senators Seek Review for Hostile Bid on Allergan

Seven U.S. senators are asking federal regulators to review the potential impact of a hostile takeover by Valeant Pharmaceuticals International Inc. of California-based Allergan Inc., the maker of Botox.

Allergan’s board has rejected a $54 billion tender offer from Valeant, which is based in Laval, Quebec. The Democratic senators wrote to the Federal Trade Commission and the Department of Justice on June 25, asking whether the deal might reduce both competition and research in certain markets. They also questioned the possible effect on drug prices. The signers included Dianne Feinstein of California, Christopher Coons of Delaware and Robert Menendez of New Jersey.