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  "documentTitle": "Pershing Square | Activist Presentation Deck | 39 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-01 00:00:00",
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  "pageNumber": 26,
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  "notes": "This slide is designed to preemptively defend Pershing Square against accusations of complicity or prior knowledge regarding the Valeant-Philidor relationship.",
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      "text": "At the time of Pershing Square’s investment in Valeant, Pershing Square was aware that Valeant had a Specialty Pharmacy strategy\nWe believed this strategy was a small component of Valeant’s business\nBy mid-2015, we became aware that Philidor was becoming a more significant part of Valeant’s business and in July we conducted due diligence on Philidor and the specialty pharmacy channel\nOur due diligence confirmed that specialty pharmacies offer many benefits to doctors, patients, and manufacturers and were playing an increasingly important role in the distribution of prescription drugs\nWe believed Philidor’s business practices were similar to other specialty pharmacies\nWe contacted Philidor and asked if the company was owned by Valeant; we were told “No.”\nUntil last week, Pershing Square did not know that Valeant had acquired an undisclosed purchase option in December 2014",
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      "text": "Pershing Square’s Research",
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      "arcName": "Overcoming the Monster",
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