Months of discreet talks point to a potentially transformative proposal, but insiders warn the deal could still fall apart before any agreement.
On August 2, Reuters reported that the British pharmaceutical company AstraZeneca is considering a possible merger with the American competitor Bristol Myers Squibb. According to the Financial Times, citing people close to the matter, the talks concern a potential deal.
The publication estimates that such a deal could create one of the world’s largest pharmaceutical groups, with a combined value of about $400 billion.
The FT article notes that the companies have been in talks about a possible merger over the past few months, and the deal could materialize in the near term, but it could also be postponed or terminated.
Reuters was not able to confirm the information immediately. AstraZeneca declined to comment, and Bristol Myers Squibb did not respond to Reuters’ request outside of business hours.
Last year, AstraZeneca announced plans for a direct listing in the United States to capitalize on higher valuations there, while remaining listed on the London Stock Exchange.
The company’s shares, under Pascal Soriot’s 14-year tenure, have more than quadrupled, outpacing the broader FTSE 100 and its main British competitor GSK.
According to the results of the second quarter reported last week, demand for oncology and rare-disease therapies has been rising, supporting growth. Oncology medicines accounted for about $25 billion in sales in 2025, nearly half of the total; other areas – cardiovascular, renal and metabolic drugs – were valued at around $12 billion.
Negotiations are ongoing, but their final outcome will remain uncertain until an agreement is reached or the deal is abandoned.