AstraZeneca shares slump after $400bn BMS merger rumours

Robert Barrie

Mon, August 3, 2026 astatine 11:03 AM CDT 3 min read

Shares successful AstraZeneca dropped by astir 3% astatine marketplace unfastened aft a study that the drugmaker is successful talks with oncology rival Bristol Myers Squibb (BMS) regarding a mega-merger deal.

According to the Financial Times (FT), which archetypal reported the discussions, a tie-up would make 1 of the largest pharmaceutical companies successful the satellite with a combined worth of astir $400bn. If it goes ahead, the woody volition besides fertile amongst the largest ever successful pharmaceutical M&A history.

The FT stated that the operation of immoderate imaginable woody was not yet known but that some currency and shares would feature.

An AstraZeneca spokesperson declined to remark connected the study to Pharmaceutical Technology. BMS did not instantly respond.

Shares successful London-listed AstraZeneca slumped by 2.7% astatine marketplace unfastened connected 3 August pursuing the media rumours, down from a adjacent of £12,632 connected 31 July.

AstraZeneca, the UK's 2nd astir invaluable listed company, has a marketplace capitalisation of astir £182bn ($245bn), portion US-headquartered BMS is worthy astir $133.4bn.

In a probe note, Citi analysts said a merger "would beryllium a surprise" fixed AstraZeneca's market-leading pipeline and its affirmative momentum successful gathering 2030 gross targets, though they did authorities that their portfolios are "somewhat complementary".

The analysts added that BMS' marketplace capitalisation would supply it with "significant equity" successful immoderate aboriginal combined entity.

The reported discussions betwixt the 2 companies travel soon aft AstraZeneca began trading mean shares connected the New York Stock Exchange (NYSE) successful February 2026. According to erstwhile media reports, CEO Pascal Soriot had been considering delisting the drugmaker from the London Stock Exchange (LSE). A woody with BMS, which would widen some the company's operations and footprint successful the US, volition lone heighten concerns regarding the competitiveness of the UK pharmaceutical industry.

From the US perspective, the tie-up's operation would request to align with President Trump's domestic manufacturing agenda. The US authorities has been proactive successful reducing the reliance connected imports for medicines utilized successful the country. As with different large-scale deals, immoderate imaginable operation volition apt request to walk US antitrust evaluations.