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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": 72,
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  "slideType": "valuation_table",
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  "density": "dense",
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  "notes": "The slide uses a stacked bar chart to visualize the components of the deal value and a bulleted list to detail the specific DCF assumptions.",
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      "kind": "callout",
      "text": "Celgene's marketed products will mostly be in run-off by 2028, such that Bristol-Myers management ascribes no terminal value to the marketed products in their DCF valuation.",
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      "text": "Bristol-Myers View On Celgene Deal Value",
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      "kind": "list",
      "text": "Celgene's marketed products will mostly be in run-off by 2028... Operating expenses... Cost synergies... A DCF discount rate...",
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      "text": "deal value: $90bn",
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      "text": "We have had multiple conversations with Bristol-Myers to discuss how management arrives at an implied valuation of $15 billion for Celgene's pipeline products.",
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      "kind": "source-note",
      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates.",
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      "kind": "title",
      "text": "To Justify the Valuation, Bristol-Myers Has Shared With Us the Following Assumptions",
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      "evidence": "The document questions the valuation of Celgene's pipeline and the true cost of the acquisition.",
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