Warren to FTC after Big Pharma Merger: Preserve Competition, Reject Behavioral and Structural Remedies
Letter
"I am writing to express my disappointment with the FTC's decision to allow pharmaceutical giant Amgen to move forward with its acquisition of (Horizon) pursuant to a consent order. Amgen, which has a long history of employing anticompetitive business tactics, completed its acquisition of Horizon, which has faced repeated criticisms for hiking its drug prices, in October 2023. The proposed consent order resolving the FTC's suit against Amgen aims to address antitrust issues present in the transaction through behavioral remedies, but I remain concerned regarding the effects of this deal on the price and availability of medicine. I urge the FTC to reject the use of remedies -- both behavioral and structural -- in merger review and to vigorously challenge consolidation and anticompetitive behavior in the health care industry, consistent with its proposed merger guidelines."
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"I was encouraged by the FTC's decision in May 2023 to file suit to block Amgen's acquisition of Horizon, citing concerns that the deal would "allow Amgen to leverage its portfolio of blockbuster drugs to entrench the monopoly positions of Horizon medications used to treat two serious conditions, thyroid eye disease and chronic refractory gout.' This action marked the FTC's first litigated challenge to a pharmaceutical merger in over a decade, and it appeared to send a powerful signal to Big Pharma that they should not, and will not, be allowed to violate antitrust law and harm patients with no accountability."
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"The FTC has the power and responsibility to hold Big Pharma accountable and protect access to pharmaceutical products for millions of Americans that are struggling to pay for prescription drugs. We urge you to have confidence in the FTC's and DOJ's correct reading of antitrust statutes and Supreme Court precedent and, consistent with the proposed merger guidelines, block any pharmaceutical mergers that pose anticompetitive harms."
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