Valeant Pharmaceuticals International, Inc.
Thesis
Valeant is interesting because they are looking to acquire Allergan, which has been a natural target for them. Even if the acquisition doesn't go through, Valeant is likely to buy something else, and they have a strategy of cutting bloated cost structures to increase earnings.
Did it work?
The thesis events largely occurred: Valeant did pursue Allergan (the bid ultimately failed, as the thesis hedged), then bought other targets such as Salix and cut costs, driving earnings growth and a powerful stock rally into mid-2015. However, the M&A-and-cost-cutting model subsequently unraveled amid drug-pricing controversies and debt/accounting concerns, and the stock collapsed dramatically from its peak, so the long thesis only worked for investors who exited near the top. With no price data and unknown timing since the pitch, the near-term catalysts played out but the ultimate investment outcome was mixed at best.