Valeant Pharmaceuticals International (VRX)

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list/bullet: Acquisition financing and timing: Acquisitions are cash financed; Acquisitions are made at start of year; Valeant acquires assets until annual M&A cap or leverage limit (4x Net Debt/Pro-Forma LTM EBITDA) is

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The slide details the logic for M&A spending caps and the subsequent use of excess debt capacity for share repurchases.