Pershing Square Activist Presentation Deck
Pershing Square's Research
▸ At the time of Pershing Square's investment in Valeant, Pershing Square
was aware that Valeant had a Specialty Pharmacy strategy
► We believed this strategy was a small component of Valeant's business
▸ By 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
► Our 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
► We believed Philidor's business practices were similar to other specialty
pharmacies
► We contacted Philidor and asked if the company was owned by Valeant;
we were told "No."
► Until last week, Pershing Square did not know that Valeant had acquired
an undisclosed purchase option in December 2014
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