Pershing Square Activist Presentation Deck
Even More Compelling Deal When Valued at the Fair Value
of the Combined Company: The "Fair Value" of the deal
Pharmaceutical M&A transactions over $15 billion in last 10 years (ranked by upfront premium paid)
Acquiror
VALEANT
AstraZeneca
€68
sonoll aventis genzyme
MERCK
Target
abbvie 1 Shire
Pfizer
AN
Actavis
1 lil Medimmune 4/23/07
1
op Schering Pough
SCHERING
1 Wyeth
Source Company fings and FactSet as of 711414
Note
Date
Announced
4/21/14
2/16/11
6/20/14
3/9/09
3/23/06
1/25/09
2/18/14
Mean
Median
Transaction Value
(S in billions)
Upfront / Total
Mean and median values do not include proposed Alengan/Valeant transaction
Roche / Genetech and Novarts/Alcon transactions excluded because they were
mult-stage acquisitions
Total includes upfront and contingent payments at tace value
impled EV based on total transaction value including contingent payments
Valeare/Alergan unaffected date of 4/10/14
$70 CVR
$16
$20 / $24
$56
$41
$20
$68
$25
$35 $36
$25 $25
8
Form of
Consideration
Cash/ Stock
Cash
Cash
Cash & Stock
Cash & Stock
Cash
Cash & Stock
Cash & Stock
84
B
S
M
(10)
Premium to
Unaffected Price
Upfront / Total
91% + CVR
54%
48% 76 %
38%
34%
34%
33%
29%
27%
42%
34%
Implied EVI
LTM Revenue
Upfront / Total
10.6x + CVR
4.8x / 5.8x
6.0x
11.3x
4.8x
10.9x
2.5x
2.9x
28x
(10)
6.5x
6.1x
5.8x
Implied EVI
LTM EBITDA
Upfront / Total
30.3x + CVR
NM
17.9x / 21.4x
18.1x
15.0x
25.9x
10.3x
122x
8.2x
34.30
18.7x
16.8x
AstraZeneca/Medimmune unaffected date of 4/1207
Sanch Avents/Genzyme unaffected date of 75/10
Based on most recent offer on 7/14/14
Schering financials converted using 3/23/00 exchange rate of 1 198 USD/EUR
Bayer Schering unaffected date of 3/13/08
Pfizer/Wyeth unaffected date of 1/22/09
Forest Laboratories LTM revenue and EBITDA pro forma for Agtas acquistonView entire presentation