Bristol Myers Squibb tie-up would create world’s fourth largest drugmaker but analysts question rationale for deal
More than £15bn was wiped off the value of Britain’s biggest drugmaker, AstraZeneca, on Monday after a report that it was in discussions to take over its US rival Bristol Myers Squibb in a deal that would create a near $400bn (£300bn) pharmaceutical group.
AstraZeneca, run by Pascal Soriot, its longtime chief executive, is the second biggest listed company in the UK, with a market value of nearly £196bn before the news broke. BMS, headquartered in Princeton, New Jersey, and known for its cancer treatments, is worth $133bn.