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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
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      "text": "Develops and sells medical products with major franchises in eye care, medical dermatology, gastroenterology, and emerging market branded generics. ~$11bn equity market capitalization. ~$41bn enterprise value. Pershing Square began buying Valeant shares on February 9th 2015 at $161 per share, and currently owns a ~9% economic stake in the company, including options. Valeant shares have declined 83% from our average cost of $196 per share at announcement date to April 21, 2016. Pershing Square has recently taken steps to stabilize the company and to protect our investment, including adding two team members to the board, Bill Ackman and Steve Fraidin",
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