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Campaigns / Starboard Value → Bristol-Myers Squibb Company
Starboard Value vs. Bristol-Myers Squibb Company

Bristol-Myers Squibb Company · BMY

4 decks published between 2019-02-28 and 2019-03-18 — 426 pages, 213 analysed slides total. Outcome: lost.

initial thesis proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2019-02-28 initial thesis

    2019 02 Starboard_Value_LP_Letter_to_BMY_Shareholders_02.28.2019

    16pp · letter

    Starboard urges BMY shareholders to reject the $91B Celgene acquisition — it imports a massive REVLIMID patent cliff and was rushed through without exploring standalone turnaround or a sale of Bristol-Myers.

    N 4 V 3 C 3
    ⌂ ” ⚑
  2. 2019-02-28 initial thesis

    2019 02 ex1todfan14a06297263_022819

    16pp · letter

    Bristol-Myers' $91bn Celgene acquisition buys pharma's largest patent cliff; Starboard urges shareholders to vote it down and replace directors to pursue a standalone plan or sale.

    N 4 V 3 C 3
    ⌂ ” ⚑
  3. 2019-03-01 proxy fight

    2019 03 Starboard Bristol Myers Presentation March 2019

    197pp · full_deck

    BMY's $91B Celgene deal bets the company on a REVLIMID patent cliff and pipeline requiring 10 blockbusters in 8 years — shareholders should vote no and pursue a standalone Amgen-style transformation.

    N 5 V 3 C 3
    ⌂ ◫ ” ⇌ ⚑
  4. 2019-03-18 proxy fight

    2019 03 ex1todfan14a06297263_031819

    197pp · full_deck

    BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.