Bill Ackman’s presentation on Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) and Allergan, Inc. (NYSE:AGN) is reproduced below. Pershing Square hedge fund manager Bill Ackman and Valeant Pharmaceuticals CEO Mike Pearson gave a highly-entertaining and informative talk about the acquisition of botox-maker Allergan, but the meat of the argument is contained in Pershing Square’s presentation.
Weighing in at 110 pages, the presentation doesn’t skimp on details. Covering a wide range of subjects, the paper blasts the current pharma R&D model as “high risk, low reward,” calling it “broken,” while holding up Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) as an example of a company that breaks the mold with “focused, productive” R&D spending.
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The presentation sings the praises of Valeant, noting its “culture of cost efficiency” and its “core competency in licensing and acquisitions.”
See Bill Ackman’s VRX/AGN Presentation in PDF format here.