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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": "Uses a screenshot of a Bristol-Myers slide to expose the contradiction.",
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      "kind": "callout",
      "text": "Bristol-Myers management attributes ~$75 billion of value to Celgene’s marketed products and synergies, which implies that Bristol-Myers is paying ~$15 billion for Celgene’s pipeline products",
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      "text": "Bristol-Myers states that the ~$90 billion acquisition is broken down roughly as follows: Marketed Products: ~$55 billion; Cost Synergies: >$20 billion; Pipeline: Implied to be ~$15 billion",
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      "text": "acquisition value: $15 billion",
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      "text": "Bristol-Myers argues that the Celgene merger is a low-risk proposition; we disagree.",
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      "text": "Source: Public company filings, Bristol-Myers investor relations.",
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      "text": "Management indicates that the purchase price ascribes minimal value to Celgene’s pipeline",
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      "kind": "title",
      "text": "Bristol-Myers States That The Company Is Acquiring Celgene’s Pipeline for Only ~$15 Billion",
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