UK drugmaker AstraZeneca has been exploring a deal to combine with US rival Bristol Myers Squibb, the Financial Times reported on Sunday, citing people familiar with the matter.
The deal could create one of the world’s biggest pharmaceutical groups with a combined value of nearly $400 billion.
The companies have held talks on a potential tie-up in recent months, the report said, adding that a deal could materialize soon, but could also be delayed or fall apart.
Reuters could not immediately verify the report. AstraZeneca declined to comment, while Bristol Myers did not immediately respond to a Reuters request for comment outside regular business hours.
Last year, AstraZeneca unveiled plans for a direct US listing, aiming to capitalize on stronger valuations in the US market while remaining listed in London.
The company’s share price has more than quadrupled during Pascal Soriot’s 14-year tenure as CEO, soaring above the wider FTSE 100 index and main British rival GSK.
Second-quarter results last week showed strong demand for cancer and rare disease drugs continues to drive growth. Cancer treatments accounted for about $25 billion in 2025 sales, nearly half of the total, followed by cardiovascular, renal and metabolism treatments worth about $12 billion.
The report of the potential deal comes about a dozen years after AstraZeneca fended off a takeover attempt by larger US rival Pfizer.