It’s what Bristol-Myers execs aren’t saying that makes one key analyst wonder about a potential buyout offer, looming Opdivo data and ‘Plan B’

Bristol-Myers Squibb called a hurried session with sell-side analysts Friday morning as part of their campaign to prevent the Celgene deal from unraveling after its largest investor bolted. Execs had some familiar things to say about the bright side of the deal. But it’s what they wouldn’t say that got Wolfe’s savvy Tim Anderson to raise some thorny issues.

As the analyst — who’s not a big fan of the Celgene deal — notes, Bristol-Myers’ investors have been grumbling about this one.

Per our ongoing discussions with shareholders – and also per our prior investor sentiment survey - there continues to be uneasiness about the merits of the transaction and what the combined company will be capable of delivering to shareholders if the deal in fact closes successfully.

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