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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a rhetorical question as a callout to highlight the absurdity of the short diligence timeline.",
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      "kind": "callout",
      "text": "HOW COULD 2 WEEKS BE SUFFICIENT FOR FULL DUE DILIGENCE???",
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      "kind": "diagram",
      "text": "Critical Celgene Deal Elements",
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      "text": "While discussions between the two companies commenced in early September 2018, as the Company’s S-4 filing states, this diligence was merely based on “publicly available information.”\nFurther, while there is also a mention on November 16, 2018 of a “…request for limited due diligence relating to certain Celgene intellectual property…” we understand from speaking with Bristol-Myers management that this was primarily related to REVLIMID IP.",
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      "text": "Based on the S-4, it appears that Bristol-Myers only had approximately two weeks of full data room access, which we believe may have been severely inadequate to properly analyze and value Celgene’s pipeline.",
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      "kind": "paragraph",
      "text": "Given Celgene’s historical track record of pipeline failures, we believe that properly analyzing all of the critical diligence documents would have taken significantly longer than two weeks",
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      "text": "Source: Public company filings, Bristol-Myers investor relations.",
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      "kind": "title",
      "text": "Bristol-Myers Appears to Have Completed Only 2 Weeks of Full Due Diligence on a Complex Pipeline of ~25 Compounds",
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