U.K. pharmaceutical giant AstraZeneca is considering a merger with U.S. competitor Bristol Myers Squibb in a deal that would value the combined company at roughly $400 billion, the Financial Times reported on Sunday.
It remains unclear whether the deal will materialize, but sources told the FT that the companies have been discussing a merger over the last few months. If completed, it would be one of the largest mergers in history. AstraZeneca and Bristol Myers Squibb did not immediately respond to a CNBC request for comment.
Last year, AstraZeneca unveiled plans for a direct U.S. listing, aiming to capitalize on stronger valuations in the U.S. market while remaining listed in London. The company's share price has more than quadrupled during Pascal Soriot's 14-year tenure as CEO, outperforming the wider FTSE 100 index and main British rival GSK.
Recent Financial Performance
AstraZeneca's second-quarter results, posted last week, showed strong demand for cancer and rare disease drugs continues to drive growth.