Senior source denies AstraZeneca-Bristol Myers Squibb merger talks

Published Aug 5, 01:50 PM UTC

A senior source close to the matter told Reuters on Wednesday that there are 'no discussions' between AstraZeneca and Bristol Myers Squibb regarding a potential merger, quashing speculation of a nearly $400 billion deal. The source stated there never was a deal to be done and no active talks. Both companies declined to comment. The denial follows a Financial Times report on Sunday that the two drugmakers had held preliminary talks, which caused AstraZeneca shares to drop 9%. Following the Reuters denial, AstraZeneca shares rose 2.9% while Bristol Myers shares fell 2.6%. Another person familiar with the matter noted that given the deal's size, UK market abuse rules would have required an announcement if negotiations were underway.