While investors may have cheered the recent $74 billion bid that Bristol-Myers Squibb (BMY) made for Celgene (CELG), a pair of Congressional lawmakers want federal authorities to examine the extent to which such a deal may impede competition or cause higher drug prices for Americans.
In a letter sent last Friday to the Federal Trade Commission and the Department of Justice, Rep. Peter Welch (D-Vt.) and Rep. Francis Rooney (R-Fla.) expressed concern that the takeover could reduce treatment options for patients by giving Bristol-Myers access to product lines that may either compete with or complement its current portfolio of cancer drugs.
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