On August 3, Bristol-Myers Squibb rose 4.09% in regular trading, trading at $66.305/share, with turnover of $2.52 billion. The stock surged following reports that AstraZeneca is in preliminary talks to merge with Bristol-Myers Squibb in what could become one of the largest pharmaceutical deals in history.

According to people familiar with the matter, the two companies have held discussions in recent months regarding a potential combination valued at nearly $400 billion. The transaction would likely be structured as a mix of cash and stock. AstraZeneca declined to comment, and Bristol-Myers Squibb has not responded. AstraZeneca shares fell approximately 7.3% on the news, reflecting typical acquirer-target dynamics.

The merger would create a dominant force in oncology, as cancer drugs account for roughly 44% of AstraZeneca's revenue and approximately half of Bristol-Myers Squibb's sales. Bristol-Myers Squibb also recently reported record Q2 revenue of $12.97 billion, with adjusted EPS of $2.04 far exceeding the $1.59 consensus estimate, while raising full-year guidance to $49-$50 billion.

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