UK drugmaker AstraZeneca is in discussions to merge with US company Bristol Myers Squibb in a potential deal valued at nearly $400 billion, which would create one of the largest pharmaceutical companies globally. The talks have been ongoing for several months, and while a deal could materialize soon, delays or cancellations are possible. AstraZeneca, valued at approximately £196 billion, aims to strengthen its presence in the US market with this merger. Neither company has publicly commented on the matter.

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AstraZeneca holds talks with Bristol Myers Squibb on $400bn megadeal

Tie-up would create one of the world’s biggest drugmakers

Oliver Barnes and James Fontanella-Khan in New York and Aaron Kirchfeld and Arash Massoudi in London

PublishedAugust 2 2026

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UK drugmaker AstraZeneca has been exploring a deal to combine with US rival Bristol Myers Squibb in a tie-up that would create one of the world’s biggest pharmaceutical groups valued at nearly $400bn.

The companies have held discussions about a tie-up in recent months, according to people familiar with the matter. Talks could yield a deal in the near future but may be delayed or fall apart, the people said.

AstraZeneca, the UK’s second most valuable listed company, has a market valuation of about £196bn while BMS is worth roughly $133bn, making any deal one of the biggest mergers of all time.

A deal by longtime AstraZeneca chief executive Sir Pascal Soriot would extend the British drugmaker’s pivot towards the US market. The company in June elevated the FTSE 100 company’s New York listing, in a blow to the London stock market.

AstraZeneca declined to comment, while Bristol Myers Squibb did not immediately respond to requests for comment.

This is a developing story . . .

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