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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "notes": "Uses CEO/CFO quotes as evidence to support the thesis that patent cliffs drive M&A activity.",
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      "text": "Bristol-Myers may be forced to make another large acquisition in order to mitigate the impact of the patent cliff",
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      "text": "If Celgene's pipeline does not pan out, Bristol-Myers may be forced to do another large transaction in the future, adding even more risk for shareholders.",
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      "kind": "quote",
      "text": "...the Schering portfolio is composed of products that have considerably long market exclusivity in the future; and as you know, Merck faces patent cliffs with respect to certain molecules, including Singulair and 2012, so this is a nice complement...",
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      "text": "As you can see, the combination of Pfizer and Wyeth clearly addresses the revenue decline resulting from the loss of exclusivity of both Lipitor and Effexor.",
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      "text": "\"As you can see, the combination of Pfizer and Wyeth clearly addresses the revenue decline resulting from the loss of exclusivity of both Lipitor and Effexor.\" — Frank D'Amelio, SVP & CFO of Pfizer, Wyeth Merger Call, January 2009; \"...the Schering portfolio is composed of products that have considerably long market exclusivity in the future; and as you know, Merck faces patent cliffs with respect to certain molecules, including Singulair and 2012, so this is a nice complement...\" — Ken Frazier, Global Human Health President at Merck, Barclays Healthcare Conference, March 2009",
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      "text": "Source: Public company filings and transcripts, Bloomberg, CapitalIQ.",
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