{
  "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "docSlug": "6ded4b1cfe2c",
  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 115,
  "pageCount": 197,
  "prevPage": 114,
  "nextPage": 116,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a 'yellow flags' metaphor to frame the management team as untrustworthy.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/115",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-115",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "callout",
      "text": "Juno Therapeutics management had multiple yellow flags in its background",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "54c3aabc-b5a5-47ac-9ae6-c3892b4eb0ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.92,
        "x": 0.04,
        "y": 0.44
      },
      "kind": "list",
      "text": "Shareholder lawsuits that were later settled by the company allege that certain members of Juno’s management team sold shares worth millions of dollars in June 2016 – an amount that was multiples of what was sold in 2015 by those same members of management. The stock sales were particularly controversial because the company had not disclosed to shareholders that an initial patient had died in May 2016, a data point that came to light only after the FDA placed JCAR015 on clinical hold.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24682360-a495-41db-b2d0-50cc06b88da2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.92,
        "x": 0.04,
        "y": 0.64
      },
      "kind": "list",
      "text": "Shockingly, certain members of Juno management had previously been accused of similar activities while in senior management roles at Dendreon Corporation. In the Dendreon shareholder lawsuit, which was also later settled, shareholders accused the company of providing bullish guidance for the sale of Provenge, the company's main product, despite knowing that those sales targets were likely unachievable. Dendreon ultimately filed for bankruptcy protection in 2014 and was eventually purchased by Valeant Pharmaceuticals.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cc70bb4-4990-4f2b-9bb5-0b4a3d832733",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "text": "Juno Therapeutics was founded in 2013 to develop CAR-T products. Three of the most promising drug candidates were JCAR014, JCAR015, and JCAR017, of which JCAR015 was the most advanced.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a30c7dfa-9f21-4f99-85c4-b797ee9da7e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.34
      },
      "kind": "list",
      "text": "In July 2016, the FDA placed JCAR015 on clinical hold after three patients died from the treatment. JCAR015 was ultimately terminated in March 2017.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2dc6217-8dea-4e66-bfd5-51b6401c4ebf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Juno Therapeutics has multiple yellow flags in its background related to promoting ultimately disappointing products.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df2eb18b-9210-4fb6-95a2-3ce498895342",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Public company filings, press releases.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90c8cf99-75c8-4a0b-ae8b-c6d1a06662b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Celgene Made a Large and Questionable Bet on a CAR-T Company With a Checkered History",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "451d4eb0-a6f9-4e9e-9920-499f623fb16c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "b14f4438-0337-4522-a233-6d8e76c3c4d9",
      "evidence": "The slide systematically builds a case against the management team by highlighting past failures and ethical lapses.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}