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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "The slide explicitly defines the conservative assumptions used to model the financial impact of patent expirations.",
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      "kind": "callout",
      "text": "We use a discounted cash flow analysis to value the cliff portfolio",
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      "text": "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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      "text": "No Life-Cycle Management: Assumes management is not able to extend patent exclusivity beyond the original expiration",
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      "text": "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",
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      "text": "Assumptions:",
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