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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "The slide uses a red-highlighted row for the most recent deal (Celgene/BMS) to emphasize the '???' performance, implying future failure.",
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      "text": "Significantly more successful teams have struggled to integrate and create value with large deals",
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      "text": "On average, value has been destroyed in each of the five previous largest pharmaceutical deals relative to the S&P 500 in the five years following the completion of each respective acquisition.",
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      "text": "Source: Public company filings, CapitalIQ, Bloomberg. (1) Represents transaction value at announcement or at time of amendment to final terms. (2) Total return for all periods includes dividends.",
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      "text": "Table of 6 largest pharma deals with target, acquirer, year, value, and performance metrics.",
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      "text": "The Largest Pharmaceutical Deals Have Not Gone Well (cont'd)",
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