AstraZeneca, Bristol Myers explored $400 billion pharma tie-up
Why it matters: Any deal would face tough US antitrust scrutiny because the drugmakers compete in cancer medicines and late-stage pipelines.
AstraZeneca and Bristol Myers Squibb held preliminary talks about a possible combination that would create a drugmaker worth nearly $400 billion, according to a person familiar with the matter. It was not clear whether the discussions were still active. The companies overlap heavily in oncology, a key growth engine for both groups, raising the prospect of major divestitures if a merger moved forward. AstraZeneca’s cancer drugs brought in about $25 billion in 2025 sales, while oncology made up more than 40% of Bristol Myers’ revenue in the first half of 2026. Bristol Myers is also trying to offset looming patent losses on top products including Opdivo and Eliquis by adding new medicines.