Two Drug Giants Discussed a $400 Billion Merger

AstraZeneca and Bristol Myers Squibb, two major drug companies, held early talks about merging in a deal worth about $400 billion, the Financial Times reported on August 2, 2026, with Bloomberg and Reuters confirming. That would more than double Pfizer's abandoned $160 billion Allergan deal — the biggest drug-company merger ever tried. Both firms focus heavily on cancer treatments. Talks may stall or fall apart.