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  "docSlug": "42b17c6fff3e2006bf9fc5d84bd6edcc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 5,
  "notes": "The slide uses a bar chart to quantify R&D failures, supporting an activist argument against management's R&D efficiency.",
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      "kind": "callout",
      "text": "Allergan has had at least 35 R&D failures since 1998",
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      "kind": "chart",
      "text": "Abandoned / Suspended R&D Projects by Phase",
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      "text": "Examples of failed projects including Ophthalmic RNAi, Retinoic Acid Metabolism, and various AGN/NRX codes.",
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      "kind": "source-note",
      "text": "Source: Valeant April 2014 investor presentation.",
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      "kind": "title",
      "text": "History of Losses Outside of Low-Risk Projects",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The document highlights the risks of Allergan's business model and the benefits of the deal",
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