The two pharmaceutical firms have held discussions over a potential tie-up in recent months, according to a Financial Times report
Henry Saker-Clark Press Association Deputy Business Editor
09:04, 03 Aug 2026
The Macclesfield AstraZeneca factory(Image: Getty Images)
AstraZeneca has been in discussions with US competitor Bristol Myers Squibb over a potential merger that could forge a pharmaceutical giant valued at over £300 billion, according to reports.
The two drugmakers have held talks about a possible deal in recent months, the Financial Times reported.
Such a transaction would represent one of the sector’s largest ever deals and establish the world’s fourth biggest pharmaceutical company.
Sources suggested that while a deal could progress in the coming period, it “may be delayed or fall apart”.
AstraZeneca, which has key UK bases in Macclesfield and Cambridge, declined to comment. Bristol Myers Squibb (BMS), which has UK sites in Uxbridge, Chester and Wirral, has been contacted for comment by the PA news agency.
Cambridge-headquartered AstraZeneca stands as the UK’s second most valuable company, commanding a market capitalisation of approximately £196 billion.
New York-listed BMS specialises in cardiovascular and oncology therapies and currently holds a market value of around £133 billion.
Any transaction would almost certainly encounter substantial regulatory obstacles, given the intense scrutiny the industry faces from competition and antitrust regulators.
A merger would likely require approval from the Trump administration’s antitrust authorities, who have prioritised boosting domestic investment under President Donald Trump’s tenure.
The development comes as AstraZeneca pushes to strengthen its presence in the US under chief executive Pascal Soriot.
The FTSE 100 firm completed an additional listing on the New York Stock Exchange in June as a consequence, dealing a blow to the London markets. Chris Beauchamp, chief market analyst at IG, said: “Companies saying one thing and doing another is a well-trodden path, and AstraZeneca joins in with the reports of a proposed alliance with Bristol Myers Squibb, having only said recently that it didn’t need M&A (mergers and acquisitions) to hit its targets.
“Though a rare example of a big UK firm buying a smaller US firm is something to warm the cockles of the British heart, it risks the departure of yet another national champion, and in any case the pair’s large cancer divisions is a major hurdle to a successful deal.”