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  "authorName": "Pershing Square Capital Management",
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      "text": "We believe that Valeant's track record of value-creating acquisitions is a sustainable competitive advantage that should be reflected in the company's market value",
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      "text": "Conservatively underwrite attractive returns\nTarget 20% unlevered IRR, before tax synergies (est. 30% after-tax)\nTarget < 6-year payback\nPipeline value of acquisition target assigned zero value",
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