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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": "The slide uses external analyst quotes to build a case against management's M&A strategy.",
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      "text": "Analyst quotes from JPM, MS, and Stifel expressing skepticism regarding the Portola acquisition.",
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      "kind": "paragraph",
      "text": "Likely bruised by the market's reaction to this first business development initiative, Alexion nonetheless went on to announce the acquisition of Portola...",
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      "text": "The above assessment of the untenable status quo is especially frustrating given both the Company's underlying strengths...",
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      "kind": "quote",
      "text": "\"Buying a Biotech on the Cheap Not Helping to Restore Investor Sentiment ... While we expected ALXN would remain active on the BD front, we were surprised to see it go after a beaten down story ... Portola's early commercial struggles will likely induce skepticism that today's deal can meaningfully diversify ... accordingly, client feedback on the deal has been mixed at best\" — JPM, May 5, 2020; \"Portola acquisition provides mgt. with an additional revenue generating product, but at a high initial cost... [ALXN] has no cardiovascular exposure, is acquiring a product that has struggled for multiple years given narrow utilization criteria and mgt. is paying a 12.5x trailing revenue multiple ... we expect a material earning contribution to take time\" — MS, May 5, 2020; \"From our discussions with investors we've heard almost universally negative feedback on this deal, ranging from concerns that Andexxa could be over-priced (a reason behind weak initial uptake/reimbursement), to broader reservations surrounding ALXN levering itself to a hospital-based product in the midst of an ongoing pandemic\" — Stifel, May 6, 2020",
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      "kind": "title",
      "text": "Self-Reinforcing Underperformance is Obscuring the Attractiveness of the Company",
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