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  "documentTitle": "Alexion Pharmaceuticals, Inc. (ALXN)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2020-05-12 00:00:00",
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  "notes": "This is a page from a shareholder letter, likely from Elliott Management, arguing for a sale of Alexion.",
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      "text": "we believe Alexion shares now trade at a 40-50% discount to fair value.",
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      "text": "valuation discount: 40-50%",
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      "text": "A company that possesses the aforementioned strengths yet trades at such a deep discount offers a highly attractive profile for a potential acquirer.",
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      "kind": "paragraph",
      "text": "Alexion provides a number of pharmaceutical companies with a unique value proposition... Alexion represents a highly strategic asset for any such player.",
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      "kind": "paragraph",
      "text": "While there is plenty of wider market uncertainty today, there is no doubt that the public market has not been hospitable to Alexion in any recent environment.",
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      "text": "Further, an acquisition would be very financially attractive... Alexion is highly cash generative, with c. 60% of current market capitalization expected to be generated in FCF organically over the next five years.",
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      "text": "Even based on conservative estimates... we believe Alexion shares now trade at a 40-50% discount to fair value.",
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      "text": "Indeed, based on our analysis, the current market value ascribed to Alexion suggests that investors expect the Company’s core complement franchise market share to decline to less than 30%... In our view, this is a highly implausible scenario.",
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      "text": "23-26: Data sources including Bloomberg, DCF assumptions, and IMS Trx data.",
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      "text": "Investor Patience Has Eroded, and Available Pathways Forward Are Limited",
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