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  "authorName": "William Ackman",
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  "notes": "The slide details three specific conservative assumptions regarding life-cycle management, post-patent revenue, and cost variability.",
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      "text": "We use a discounted cash flow analysis to value the cliff portfolio",
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      "text": "No Life-Cycle Management: Assumes management is not able to extend patent exclusivity beyond the original expiration. Revenues after patent cliff are zero: Assumes that the merged company's market share drops to zero immediately after the patent expires. Assumes the merged company will not enter the generic market. Costs are variable: Assumes the merged company is able to reduce SG&A and R&D costs proportionate to the revenue lost from patent cliffs.",
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