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.
Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More
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.