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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "notes": "Uses a waterfall-style bridge to reallocate synergies and expose the true cost of the pipeline.",
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      "text": "Bristol-Myers is paying ~$30 billion for Celgene's product pipeline, not ~$15 billion",
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      "text": "We believe that Bristol-Myers is actually paying almost $30 billion for the Celgene pipeline – not the ~$15 billion communicated to shareholders – based on appropriately allocating synergies to Celgene’s marketed products in order to isolate the true value ascribed to the pipeline.",
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      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates. (1) $91 billion calculated assuming Bristol-Myers issues 701mm shares to Celgene shareholders per the Company's S-4 filing and includes fair value of CVR per pg. 68 of the S-4 filing.",
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