UK-based AstraZeneca Plc held preliminary merger talks with U.S. rival Bristol Myers Squibb Co. The Financial Times reported the discussions citing people familiar with the matter.
The potential combination would create a pharmaceutical giant valued near $400 billion. This deal would rank among the largest transactions in healthcare history.
Discussions occurred over recent months but remain in early stages. The talks may not result in a formal agreement.
AstraZeneca declined to comment on the report. Bristol Myers did not immediately respond to requests for comment.
The deal would significantly expand AstraZeneca’s presence in the U.S. market.