AstraZeneca-Bristol Myers Squibb Held Talks on $400 Billion Megadeal

AstraZeneca held early-stage talks with Bristol Myers Squibb about a potential combination valued at roughly $400 billion, the Financial Times reported on August 2, 2026, with Bloomberg and Reuters corroborating. The deal would more than double Pfizer's abandoned $160 billion Allergan transaction — the largest pharma deal ever attempted. Both companies have major oncology franchises. The talks may be delayed or fall apart.