LONDON: AstraZeneca PLC (LSE/NYSE: AZN) and Bristol-Myers Squibb Company (NYSE: BMY) remained in active talks over a possible combination worth nearly $400 billion, Semafor reported on August 4.
Reuters had previously confirmed that the drug makers held preliminary talks. However, it could not establish at that time whether negotiations were continuing. Neither company publicly confirmed the discussions.
AstraZeneca shares closed 8.9% lower at £115 on August 3 after the initial report. The decline erased more than £17 billion from the British drugmaker’s market value, according to market reporting.
The companies generated combined revenue of $106.93 billion in 2025. Their financial results show that about $58.73 billion, or 55%, came from the United States.
AstraZeneca reported total revenue of $58.74 billion, including $25.45 billion from the US. Bristol Myers recorded $48.19 billion in global sales and $33.28 billion in domestic sales.
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AstraZeneca began trading ordinary shares directly on the New York Stock Exchange on February 2. However, it retained its London and Stockholm listings under the harmonised structure.
Any transaction would face antitrust scrutiny because the companies compete in the cancer immunotherapy market. Antitrust lawyer Andre Barlow told Reuters that substantial product or pipeline overlaps could require meaningful divestitures.
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Bristol Myers also faces patent expirations affecting Opdivo and Eliquis by 2028. The companies have disclosed no proposed structure, transaction price or timetable.
