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  "notes": "Uses a chronological narrative to expose poor capital allocation.",
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      "text": "Three years after Allergan acquired Sanctura, the company recorded an impairment charge equal to the entire $371 million purchase price",
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      "text": "In April of 2012, a Delaware judge ruled in favor of the generic manufacturers and declared Allergan's Sanctura XR patents invalid.",
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      "text": "In the third quarter of 2010, Allergan recorded an impairment charge related to the Sanctura franchise of $369.1 million, or 99.6% of the initial purchase price(1).",
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      "text": "Generic manufacturers challenged Allergan's patents on Sanctura XR in 2009, and filed applications to market generic equivalents.",
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      "text": "In September 2007, Allergan acquired Esprit Pharma, whose only major product line was the Sanctura franchise, for $371 million in cash. Allergan management stated that they expected peak-year revenue from Sanctura XR of between $300 million and $400 million.",
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