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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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  "pageNumber": 189,
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  "notes": "This is a classic activist investor 'vote no' slide, highlighting valuation discrepancies and execution risk.",
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      "kind": "callout",
      "text": "We believe this deal has too much risk. Shareholders should vote AGAINST this transaction.",
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      "text": "Shareholders need to understand that they are investing in a transaction that values Celgene’s marketed products at $55 billion. We believe there is risk to this assumption due to the potential genericization of REVLIMID earlier than management expects.",
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      "text": "Additionally, the Celgene acquisition process was rushed – seemingly unnecessarily, given Celgene’s apparent willingness to allow for more time – due to management’s fixation with an arbitrary deadline to announce a deal.",
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      "text": "In order to generate $30 billion of value from the pipeline, we must assume that, on average, the Celgene pipeline can generate 10 blockbuster products in 8 years, compared to 3 blockbusters in the past 15 years. This level of success would be unprecedented and is exceedingly difficult to believe, especially since 3 of the Celgene pipeline products have already been delayed and 5 are yet to be identified. In what we believe are more likely scenarios, even including the Company hitting Wall Street analysts’ revenue estimates for the pipeline, this deal would destroy value.",
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      "text": "Shareholders also need to understand that Bristol-Myers is actually ascribing $30 billion of value to the pipeline, not $15 billion as is implied by the Company’s presentations.",
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      "text": "Shareholders must be comfortable and supportive of the true merits of the deal – not simply trust management’s lofty expectations – given the size of the deal and risks it poses.",
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      "text": "Source: Public company filings, Starboard estimates.",
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      "text": "Shareholders must be absolutely certain before allowing management to bet the Company's future on Celgene",
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      "text": "Management Is Asking Shareholders to Accept Substantial Risk Without Sufficient Reward",
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