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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2019-02-28 00:00:00",
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  "notes": "This is page 3 of a shareholder letter, likely from an activist investor (Starboard Value or similar) opposing the BMY-Celgene merger.",
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      "text": "Bristol-Myers is acquiring one of the largest patent cliffs in the history of the pharmaceutical industry.",
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      "text": "2) Our belief is that the Celgene pipeline is extremely risky... 3) The process and diligence timelines... 4) We believe Bristol-Myers' analysis... 5) There is a better path forward...",
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      "text": "Historically, pharmaceutical companies have made large acquisitions to fill gaps... As shown in the chart below, revenue erosion for large molecule drugs post-loss-of-exclusivity (LOE) is significantly slower than that of small molecule drugs.",
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