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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
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  "authorName": "William Ackman",
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      "text": "Multinational pharmaceutical and medical device company\n> $12bn 2016 estimated sales\n~ 21,000 employees\nMarket leadership in dermatology, gastroenterology, ophthalmology, and consumer health products",
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      "text": "Pershing Square's history with Valeant\nPershing Square partners with Valeant in 2014 to acquire Allergan\nOn February 9, 2015, Pershing Square purchases first shares of Valeant at a price of $161",
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      "text": "In 2008, new management implemented an unconventional business model that has historically created large amount of shareholder value\nInnovative marketing, management, and R&D strategies designed to avoid waste and maximize return on capital\nAcquisitions of assets in attractive categories\nValeant is adapting its model in response to recent criticism",
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      "text": "Valeant Pharmaceuticals International (VRX)",
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