AstraZeneca in Talks to Merge with Bristol Myers Squibb – FT Reports

AstraZeneca (LON: AZN), the UK’s second most valuable listed company, has held discussions with US pharmaceutical giant Bristol Myers Squibb about a possible merger that would create one of the largest drugmakers in the world, according to a report by the Financial Times.

Citing people familiar with the matter, the FT’s reporters said the two companies have been in talks over recent months regarding a potential tie-up.

While negotiations could produce a deal in the near term, the sources are said to have cautioned that discussions may still be delayed or collapse altogether.

The scale of any transaction would be enormous. AstraZeneca currently carries a market valuation of approximately £196bn, while Bristol Myers Squibb is valued at roughly $133bn. Combined, a merger between the two firms would rank among the largest deals in corporate history.

AstraZeneca shares are down around 7.9% year-to-date, while Bristol Myers Squibb has jumped 22.7% in the same period.

The talks come under the leadership of Sir Pascal Soriot, AstraZeneca’s long-serving chief executive, who has steadily steered the company toward deeper integration with the US market.

That shift was underscored in June, when AstraZeneca elevated the prominence of its New York stock listing—a move widely seen as a setback for the London Stock Exchange, given AstraZeneca’s status as a FTSE 100 heavyweight.

The Financial Times said neither AstraZeneca nor Bristol Myers Squibb responded immediately to its requests for comment on the report.

The FT described the situation as a developing story, suggesting further details may emerge as talks progress or the companies issue formal statements. Markets could react sharply on Monday given the deal’s scale.