Calif. Reps Call For Probe Of Biovail-Valeant Deal

Law360, New York (September 24, 2010, 3:41 PM EDT) -- A pair of California lawmakers is asking the U.S. Department of Justice and the Securities and Exchange Commission to investigate the proposed $3.2 billion merger between U.S.-based Valeant Pharmaceuticals International and Canada's Biovail Corp., saying the deal takes advantage of an international tax treaty.

California Assembly members Kevin de Leon and Jared Huffman each sent letters to the federal agencies Thursday, saying they were worried the newly formed company might exploit Canadian law to avoid paying taxes and outsource American jobs. They asked the agencies to...
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