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  "documentTitle": "Alexion Pharmaceuticals, Inc. (ALXN)",
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  "authorName": "Elliott",
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  "presentationDate": "2020-05-12 00:00:00",
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  "notes": "Uses analyst quotes to highlight the gap between management's stated discipline and the market's perception of defensive, value-destroying M&A.",
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      "kind": "callout",
      "text": "Yet the announcements of Alexion's acquisitions of Achillion and Portola both destroyed significant shareholder value.",
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      "text": "Quotes from Aradhana Sarin (CFO), RBC Europe, and Stifel regarding the company's M&A strategy.",
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      "text": "Quotes from Evercore ISI and Raymond James regarding the defensive nature of the Achillion transaction.",
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      "text": "Value Destruction as % EV: 166%",
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      "kind": "paragraph",
      "text": "It is possible to argue that Achillion provides a coherent strategic fit... Yet Alexion failed to appreciate the appearance of defensiveness in the timing and communication around this transaction.",
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      "kind": "paragraph",
      "text": "Two of the most instructive missteps listed above include the recent acquisitions of Achillion and Portola, which highlight the degree to which the Company is at odds with market expectations.",
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      "kind": "quote",
      "text": "\"Our acquisition strategy has really been focused on rebuilding our pipeline over the last 2 years [...] our plan is still to keep rebuilding that pipeline, continue the path that we are on from a diversification standpoint, and most importantly, sort of stay disciplined on matching the risk that we take with a particular BD or partnership or license or acquisition with the value that we pay for it\" — Aradhana Sarin, CFO, March 3, 2020",
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      "text": "Footnotes 8-12 detailing sources for quotes and data.",
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      "text": "Table showing Transaction EV, Relative Perf, Market Value Destroyed, and Value Destruction as % EV for Achillion and Portola.",
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