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• Case | HBS Case Collection | January 2019

  Analytical Space: The Next Frontier?

  Thomas R. Eisenmann, Jeffrey J. Bussgang and David Lane

  With one satellite aloft and in the midst of beta testing in late 2018, Analytical Space founders Justin Oliveira and Dan Nevius turned to critical questions about the pioneering startup’s go-to-market, pricing, and business development strategy. Analytical Space aimed to build and operate a constellation of inexpensive satellites that would receive and relay to the ground data gathered by orbiting Earth observation satellites, thereby speeding and increasing the amount of data their operators could collect and sell to clients in the multi-billion market for information on crops, weather, and other observable changes on Earth. The cofounders now needed to select the best initial customers, validate demand for their unique data relay service, and establish pricing that would both spur adoption and impress investors ahead of their next financing round.

  Keywords: pricing decisions; demand validation; revenue model; business development; space tech; satellites; earth observation; remote sensing; Business Startups; Emerging Markets; Growth and Development Strategy; Finance; Selection and Staffing; Business Strategy; Aerospace Industry;

  Citation:

  Eisenmann, Thomas R., Jeffrey J. Bussgang, and David Lane. "Analytical Space: The Next Frontier?" Harvard Business School Case 819-089, January 2019.  View Details

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• Case | HBS Case Collection | January 2016 (Revised January 2019)

  The Allergan Board Under Fire (A)

  Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane

  In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund activist, Pershing Square had quietly amassed a 9.7% stake in Allergan prior to the Valeant bid, making Pershing Square Allergan's largest shareholder. The case presents students with many of the decisions Allergan's directors faced amid challenges to Allergan's governance, management, and business model. In particular, the Allergan board must decide whether to pursue a $10 billion acquisition of Salix Pharmaceuticals while under threat of a proxy contest and a special shareholder meeting to vote on replacing Allergan's directors with a slate more favorable to the Valeant merger. The proposed Salix acquisition would give Allergan a new therapeutic market but would also make Allergan too big for Valeant to acquire.

  Keywords: Allergan, Inc.; Valeant; Ackman; Pershing Square; tender offer; Activist Investors; business models; R＆D; board of directors; Securities Litigation; acquisition strategy; takeover defenses; hedge funds; shareholder rights; proxy contest; shareholder special meetings; legal issues in contested takeovers; Governing and Advisory Boards; Mergers and Acquisitions; Corporate Governance; Management Teams; Business and Shareholder Relations; Pharmaceutical Industry;

  Citation:

  Paine, Lynn S., Suraj Srinivasan, John C. Coates, and David Lane. "The Allergan Board Under Fire (A)." Harvard Business School Case 316-010, January 2016. (Revised January 2019.)  View Details

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• Supplement | HBS Case Collection | January 2016 (Revised January 2019)

  The Allergan Board Under Fire (B)

  Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane

  In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund activist, Pershing Square had quietly amassed a 9.7% stake in Allergan prior to the Valeant bid, making Pershing Square Allergan's largest shareholder. The case presents students with many of the decisions Allergan's directors faced amid challenges to Allergan's governance, management, and business model. In particular, the Allergan board must decide whether to pursue a $10 billion acquisition of Salix Pharmaceuticals while under threat of a proxy contest and a special shareholder meeting to vote on replacing Allergan's directors with a slate more favorable to the Valeant merger. The proposed Salix acquisition would give Allergan a new therapeutic market but would also make Allergan too big for Valeant to acquire.

  Keywords: Allergan, Inc.; Valeant; Ackman; Pershing Square; tender offer; Activist Investors; business models; R＆D; board of directors; Securities Litigation; acquisition strategy; takeover defenses; hedge funds; shareholder rights; proxy contest; shareholder special meetings; legal issues in contested takeovers; Corporate Governance; Investment Activism; Business and Stakeholder Relations; Business Model; Business and Shareholder Relations; Valuation; Pharmaceutical Industry;

  Citation:

  Paine, Lynn S., Suraj Srinivasan, John C. Coates, and David Lane. "The Allergan Board Under Fire (B)." Harvard Business School Supplement 316-029, January 2016. (Revised January 2019.)  View Details

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