AstraZeneca shares dropped as much as 7% on the London Stock Exchange after the Financial Times reported that the British drugmaker was in merger talks with U.S. peer Bristol Myers Squibb. The potential deal could value the combined companies at roughly $400 billion. AstraZeneca declined to comment while Bristol Myers Squibb did not immediately respond. AstraZeneca had a market cap of $264 billion before the announcement versus roughly $133 billion for Bristol Myers. Jefferies analysts said they were perplexed by the news, noting that AstraZeneca appeared to have no need for financial engineering.
Source: Read the original article
