Pharmaceutical giants AstraZeneca and Bristol-Myers Squibb are in merger talks; combined market value could exceed 2.7 trillion yuan

Recently, according to a report by the British *Financial Times*, two global pharmaceutical giants, UK-based AstraZeneca and US-based Bristol Myers Squibb, are deeply advancing merger negotiations. If this transaction is successfully completed, the market capitalization of the newly merged company will approach $400 billion (approximately 27,010.4 billion RMB), making it likely to become one of the largest mergers and acquisitions in the history of the global pharmaceutical industry.

The report, citing sources familiar with the matter, revealed that the two companies have conducted multiple rounds of merger talks in recent months. The overall pace of the transaction is progressing rapidly, with a possibility of being finalized in the near term.

However, this merger still carries uncertainties, and the possibility of subsequent delays or even a breakdown in negotiations cannot be ruled out. Currently, the parties have not finalized the specific transaction structure, but industry insiders expect the acquisition to be completed using a mix of cash and stock.

Public capital market data shows that AstraZeneca is the second-largest listed company by market value in the UK. It officially listed on the New York Stock Exchange in February this year, with a current market capitalization of approximately $264 billion.

Based on current valuations, upon the completion of the merger with Bristol Myers Squibb, the market value of the new entity will approach $400 billion. Its industry ranking will rise significantly, and it is poised to enter the ranks of the world's fourth-largest pharmaceutical companies.

As benchmarks for global innovative pharmaceutical enterprises, both companies have cultivated deep roots in the pharmaceutical sector for many years. Their core product lines cover multiple key areas including oncology, chronic diseases, immunology, and cardiovascular diseases, with highly complementary product matrices.

AstraZeneca focuses on four core therapeutic areas: oncology, respiratory & immunology, cardiovascular, and renal & metabolism. Among these, the oncology business is the core revenue segment, contributing nearly half of the total revenue. Core products include the lung cancer targeted drug osimertinib and the immunotherapy drug durvalumab. Both drugs consistently rank among the world's best-selling medicines and are widely used in the treatment of various malignant tumors such as non-small cell lung cancer, small cell lung cancer, and hepatocellular carcinoma. In the field of chronic diseases, its dapagliflozin is a global blockbuster cardio-renal-metabolic drug used for the treatment of diabetes, chronic kidney disease, and heart failure. In the respiratory field, it holds multiple core products such as the budesonide/glycopyrrolate/formoterol triple inhalation therapy, focusing on the treatment of respiratory system diseases like asthma and chronic obstructive pulmonary disease (COPD), covering a vast number of chronic disease patients globally.

Bristol Myers Squibb specializes in oncology immunology, hematological diseases, cardiovascular, and immunological diseases, and is a pioneer in global cancer immunotherapy. Its core blockbuster product is nivolumab (Opdivo). As a classic PD-1 inhibitor, it is approved for the treatment of multiple cancer types including lung cancer, melanoma, gastric cancer, and liver cancer. Its dual immunotherapy regimen in combination with ipilimumab is a first-line treatment regimen for multiple advanced tumors. In the field of hematological diseases, the company possesses multiple innovative drugs targeting hematologic malignancies such as multiple myeloma and lymphoma. In the cardiovascular field, its flagship product is the anticoagulant Eliquis, and it also holds multiple global first-in-class innovative drugs for treating psoriasis and hypertrophic cardiomyopathy. Additionally, the classic hepatitis B treatment drug entecavir, along with various vitamins and chronic disease management products, has given it a profound presence in primary care and chronic disease markets.

Industry analysts stated that if this merger proceeds smoothly, the two pharmaceutical giants will achieve a strong alliance in core sectors. They will integrate advantageous resources in oncology immunology, targeted therapy, and chronic disease management, further amplifying advantages in R&D, production capacity, and global channels, thereby reshaping the competitive landscape of the global pharmaceutical industry. Subsequent transaction details and progress will continue to receive close attention from the global pharmaceutical and capital markets.