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  "notes": "Uses a press release excerpt as a case study for corporate restructuring.",
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      "text": "The two post-spin companies should be completely separate entities without cross-ownership. Each company should have modern, shareholder-friendly governance without classified boards, supervoting stock, etc. Capital allocation should be optimal.",
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      "text": "We also advocated for the spin of Bioverativ from Biogen which created $11.6 billion of value from a company with an initial market capitalization of $4.9 billion. We believe the Ironwood spin should pursue the Biogen/Bioverativ model.",
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      "text": "Sarissa Capital Issues Statement On Ironwood Pharmaceuticals",
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      "text": "Source: Sarissa Press Release May 2018",
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      "text": "How Alkermes spins oncology is important → separation must be done to create shareholder value",
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