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  "notes": "Uses a 'patent cliff' metaphor to argue against the acquisition.",
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      "text": "When faced with a patent slope/cliff, our biopharma comps group has historically traded at a multiple range of roughly ~6x-9x going into a patent expiry period.",
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      "text": "“When faced with a patent slope/cliff, our biopharma comps group has historically traded at a multiple range of roughly ~6x-9x going into a patent expiry period.” — UBS, February 2019",
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      "text": "Source: Public company filings, CapitalIQ, Wall Street research. (1) Select peers include: MRK, PFE, LLY, ABBV, CELG, GILD, LSE:AZN.",
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