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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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      "kind": "callout",
      "text": "In addition, we estimate that there are ~$3 trillion of privately owned targets in the pharmaceutical and medical device industry",
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      "text": "Large universe of public targets for Val-gan with a market cap of at least $10 billion",
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      "text": "We estimate that total pharmaceutical and medical device industry sales are approximately $2tn. Valued at 3x sales, the total industry value is $6tn. Market caps are as of 4/21/2014 per Capital IQ.",
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