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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "Uses a chronological narrative to expose poor capital allocation and due diligence.",
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      "text": "Forty-six days after Allergan spent $872 million to acquire Levadex, the FDA rejected Allergan's second request to market the drug",
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      "text": "In January 2011, Allergan and MAP Pharmaceuticals (\"MAP\") established a 50/50 partnership to develop Levadex. The FDA rejected the companies' first request to market Levadex in March 2012, citing concerns about manufacturing of the product's inhaler. On March 1st, 2013, Allergan acquired MAP for $872 million. On April 16th, 2013, the FDA rejected Allergan's second request to market Levadex, citing nearly identical concerns about the inhaler. In order to improve the quality of the inhaler device, Allergan spent an additional $20 million to acquire Exemplar Pharma, maker of the inhaler. On June 30th, 2014, Allergan reported that the FDA had rejected Levadex a third time.",
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      "text": "While Levadex is likely to be approved at some point, Allergan has lost at least three years of peak-year market exclusivity, an estimated $1.5bn of sales(1), and has allowed a competing product to enter their product launch window",
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      "text": "(1) Based on Allergan management estimate of peak-year sales of $500 million.",
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      "text": "Allergan's Acquisition Track Record is Questionable – MAP Pharmaceuticals (Levadex)",
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