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  "notes": "Slide 52 of an activist investor deck.",
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      "text": "Vamil Divan, MD, Credit Suisse; \"VRX Takeout Could Complete a Rapid AGN Turnaround\", April 21, 2014:",
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      "text": "Chris Schott, J. P. Morgan; \"Buyside Survey Results Suggest Broad Expectation of a VRX-AGN Transaction\", May 23, 2014:",
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      "text": "75% believe Valeant's $2.7 Bn synergy target for a potential AGN acquisition is realistic.",
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      "text": "Media-reported cost savings target of ~$2.5 bn would represent ~68% of AGN's combined 2014 SG&A and R&D expenses but we believe this could be achieved given the significant overlap in the two companies cosmetic and ophthalmology businesses and VRX's strong track record in achieving synergies from previous acquisitions. Simply removing this level of expenses from our AGN model by 2016 would suggest a DCF valuation for AGN of over $230/share, with additional upside possible when tax synergies are factored in.",
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      "text": "We see the opportunity for significant cost synergies with this deal given the overlap in the VRX and AGN businesses and the possibility of tax savings given VRX's mid-single digit corporate tax rate.",
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