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Bristol-Myers Squibb (BMY) started 2019 by announcing it would acquire Celgene (CELG). The combination will create what will be one of the broadest sets of drugs that are both approved and/or in a pipeline. The combination of these companies will likely have better than appreciated cash flow due to the probable continued strength of both companies' core drugs. Moreover, this strong cash flow should allow BMY to fund studies and/or make further acquisitions to confront the looming patent expiration their drugs have in the second half of the next decade.