Pershing Square Activist Presentation Deck
Allergan's Acquisition Track Record is
Questionable - Sanctura Franchise
Three years after Allergan acquired Sanctura, the company recorded an
impairment charge equal to the entire $371 million purchase price
► In September 2007, Allergan acquired Esprit Pharma, whose only major
product line was the Sanctura franchise, for $371 million in cash
■ Allergan management stated that they expected peak-year revenue from
Sanctura XR, a replacement for the original Sanctura formulation, of
between $300 million and $400 million
Generic manufacturers challenged Allergan's patents on Sanctura XR in
2009, and filed applications to market generic equivalents
► In the third quarter of 2010, Allergan recorded an impairment charge
related to the Sanctura franchise of $369.1 million, or 99.6% of the initial
purchase price(¹)
► In April of 2012, a Delaware judge ruled in favor of the generic
manufacturers and declared Allergan's Sanctura XR patents invalid
Source: Company filings, press releases.
(1) Alergan 2013 10-K
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