AstraZeneca in talks to buy Bristol Myers in $400bn deal

Shares of AstraZeneca fell sharply on Monday, August 3, 2026, following reports that the British pharmaceutical giant is in discussions to acquire its U.S. rival Bristol Myers Squibb in a deal that would create one of the world's largest drugmakers. The potential merger, first reported by the Financial Times, could value a combined entity at nearly $400 billion, ranking it among the biggest corporate deals in history.

AstraZeneca's London-listed shares dropped more than 7% in early trading, while Bristol Myers' stock rose approximately 6% in pre-market activity in New York. Both companies declined to comment on the reports, which cited people familiar with the matter. The discussions are understood to have taken place in recent months, though sources cautioned that a deal is far from certain and could be delayed or collapse entirely.

The rationale for such a massive combination has been met with immediate skepticism from market analysts. Many questioned why AstraZeneca, a company with a strong growth profile and a market value of roughly $264 billion, would pursue Bristol Myers, valued at about $133 billion but facing significant patent expirations. Key Bristol Myers drugs, the...