Slides 17-18 of AGN’s reply to VRX (re shortcomings of “roll-up” business model) are a must-read: http://www.sec.gov/Archives/edgar/data/850693/000119312514212107/d732921dex992.htm AGN’s PR contains the same info in condensed form: http://www.sec.gov/Archives/edgar/data/850693/000119312514212107/d732921dex991.htm