Pershing Square Activist Presentation Deck
Allergan's Acquisition Track Record is
Questionable - MAP Pharmaceuticals (Levadex)
Allergan management took an inappropriate risk by buying MAP weeks
before the Levadex FDA decision, despite working closely with MAP for
years on the Levadex project
Analysts were appropriately concerned about an adverse FDA outcome:
Gregg Gilbert, BofA Merrill Lynch; Question on January 23, 2013 M&A Call:
"And then David and Scott, I assume that Allergan is very confident in the
provability of the product on taxpayers sooner but can you talk maybe more
broadly how you -- or specifically, how you protected shareholders of Allergan in
the event of an undesired FDA outcome?"
David Pyott, Allergan Chairman and CEO; Response on January 23, 2013 M&A Call:
"I think on my side, if I look at the risk of delay beyond the PDUFA date, this is just
normal with any program that exists whether it's our internal program or an
external. And of course, in this instance, we have been the partner of MAP from
the very beginning. So our team and their team has worked hand in glove. So
we're very well informed."
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