Shares in AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) fell 7% to 11,723p on Monday after news that Britain's biggest drugmaker is in talks to buy its US rival, Bristol-Myers Squibb Co (NYSE:BMY, XETRA:RM, OTC:BMYMP). A deal would create a pharmaceutical group worth close to $400 billion, ranking fourth in the industry by market value.
AstraZeneca shares tumbled 7% in early trading on Monday following reports of talks between the European pharmaceutical giant and U.S.-based Bristol Myers Squibb , baffling investors and analysts.
The deal could create one of the world's biggest pharmaceutical groups with a combined value of nearly $400 billion.
UK pharmaceutical company AstraZeneca is considering a deal to merge with its U.S. competitor Bristol Myers Squibb, according to a report by the Financial Times. The megadeal would be one of the largest in history, creating a combined company valued at $400 billion.
UK drugmaker AstraZeneca has been exploring a deal to combine with U.S. rival Bristol Myers Squibb , the Financial Times reported on Sunday, citing people familiar with the matter.
Bristol Myers Squibb raised its outlook for the year after notching higher profit and revenue in the latest quarter, boosted by its portfolio of newer treatments.
Bristol Myers Squibb raised its full-year revenue and profit forecast on Thursday after reporting second-quarter results that came in well ahead of Wall Street estimates, driven by strong sales of blood thinner Eliquis and newer drugs like heart medicine Camzyos and anemia treatment Reblozyl.