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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "notes": "Uses quotes from historical documents to establish the 'String of Pearls' strategy as a long-standing corporate policy.",
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      "text": "Before: A Thoughtful & Focused \"String of Pearls\" Strategy",
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      "text": "Bristol-Myers’ proposed acquisition of Celgene is directly contradictory to the “String of Pearls” strategy",
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      "text": "Four quotes from historical sources detailing the 'String of Pearls' strategy.",
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      "text": "Since 2007, Bristol-Myers has been focused on the \"String of Pearls\" strategy, whereby it has used acquisitions, partnerships, joint ventures, and licensing agreements, in conjunction with internal development efforts, to build out its pipeline. The $91 billion acquisition of Celgene goes against this strategy.",
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      "text": "“As others have merged into megacompanies, we are becoming more streamlined and focused. As others have broadened their portfolios, we are focusing on select areas of medical need. As others have widened their geographic footprints, we are concentrating on key major and emerging markets.” — James Cornelius, BMY 2009 Annual Report",
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      "text": "Source: Public company filings, news reports. (1) James Cornelius, BMY 2009 Annual Report, March 9, 2010; (2) Pharmafile, September 8, 2014 (3) Minyanville, December 23, 2009; (4) Informa Pharma Intelligence, September 18, 2017",
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      "text": "The Proposed Acquisition Defies Bristol-Myers' Stated Strategy",
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