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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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      "text": "We believe there are three obvious and credible ways for Bristol-Myers shareholders to lose significant value if the Celgene acquisition is consummated",
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      "text": "1. Some, or all, of the five near-term product launches or five yet-to-be-identified earlier-stage pipeline products in Celgene’s portfolio may ultimately fail to commercialize. 2. Sales for Celgene’s five near-term product launches may fall below Bristol-Myers expectations. 3. Bristol-Myers is less successful than expected at defending against generic challenges on REVLIMID, and the drug fully genericizes earlier than 2026.",
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      "text": "There are three ways that the proposed Celgene acquisition could destroy substantial value for Bristol-Myers shareholders – we summarize each below.",
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      "text": "Source: Public company filings, Wall Street research.",
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      "text": "We Believe There Are Three Main Reasons Why the Proposed Celgene Acquisition May Destroy Value for Bristol-Myers Shareholders",
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