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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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      "kind": "callout",
      "text": "Allergan sold nearly a third of the largest business it ever acquired for 3.3% of the aggregate purchase price",
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      "text": "As the only major acquisition during David Pyott's tenure, Inamed is not an encouraging example of management's M&A acumen",
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      "text": "In 2013, Allergan sold its obesity intervention business for $110 million and recorded a $408 million pre-tax loss on the sale. ~80% of the net book value of the business was written off",
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      "text": "In addition, sales in Inamed's largest division, Natrelle breast aesthetics, profoundly disappointed with sales falling ~36% below Wall Street analyst expectations by 2010",
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      "text": "Post-acquisition, LAP-BAND was shown to be less effective than alternative therapies and insurers stopped covering it",
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      "text": "In 2005, Allergan acquired Inamed Corporation for $3.3 billion. At the time of the acquisition, the obesity intervention business or LAP-BAND franchise represented approximately 30% of total Inamed sales.",
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      "text": "Source: Company filings, press releases. (1) Based on the book value as of 12/31/2012 related to the obesity intervention business unit. (2) 2010 actual sales compared to analysts revenue consensus on the same year sales as of three months after the acquisition in 2006.",
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      "text": "Allergan's Acquisition Track Record is Questionable – Inamed",
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