Rohrabacher: Allergan Takeover Not in Americans’ Interest
WASHINGTON – Rep. Dana Rohrabacher on Thursday said that a possible takeover of Allergan Inc. by a Canadian pharmaceutical firm will deprive Americans of future medical alternatives. The congressman called into question the hostile takeover attempt in a hearing the House Science, Space, and Technology Subcommittee on Research and Technology.
Committee members were looking into policies that would “spur innovative medical breakthroughs from laboratories to patients,” and the California congressman, in whose district Allergan headquarters are located, drew attention to the attempt by Valeant Pharmaceuticals International, to buy out the famed maker of Botox and other health-related products.
Afterward, Rohrabacher said, “This power play against Allergan’s management by a foreign company will prevent Americans from being beneficiaries of the American company’s substantial and ongoing research and development.”
Last August, when the Montreal-based drug company took over Rochester, NY-based Bausch & Lomb, 200 employees of the eye-care company were immediately hit by layoffs, a fate the congressman said he did not want to befall Allergan employees.
Rohrabacher said: “We have to protect companies committing resources to research and development from being targets for foreign takeover bids that cost American jobs and American industries. These companies are at stake, and so is health-related innovation, which is so important to the future wellbeing of our people. Our current policies – from trade agreements to tax policy to technology policy – combine to make American companies big targets.”