AstraZeneca in Talks for Potential $400 Billion Merger with Bristol Myers Squibb

AstraZeneca has engaged in discussions regarding a potential combination with U.S. rival Bristol Myers Squibb, according to a report by the Financial Times. The deal, if realized, could establish one of the world's largest pharmaceutical entities with an estimated combined valuation of nearly $400 billion.

The two companies have reportedly held talks in recent months about a potential tie-up. However, the report cautions that a deal could materialize soon, or it could face delays or ultimately fall apart. AstraZeneca has declined to comment on the report, while Bristol Myers Squibb did not immediately respond to a request for comment.

This development comes approximately a dozen years after AstraZeneca successfully fended off a takeover attempt from its larger U.S. competitor, Pfizer.

In recent years, AstraZeneca has focused on strengthening its market position. Last year, the company outlined plans for a direct listing in the U.S., aiming to leverage higher valuations available in that market while maintaining its listing in London. Under CEO Pascal Soriot's 14-year leadership, AstraZeneca's share price has more than quadrupled, significantly outperforming the broader FTSE 100 index and its British rival GSK.

The company's second-quarter financial results indicated continued robust demand for its cancer and rare disease medications. These treatments represented approximately $25 billion in sales for 2025, accounting for nearly half of the company's total revenue. Cardiovascular, renal, and metabolism treatments contributed an additional $12 billion in sales.