Bristol Myers rises on reports of merger discussions with AstraZeneca
BMY•Shares rise after reports of preliminary merger talks
Shares of Bristol Myers Squibb BMY.N were up 4.5% to $68.30 in premarket trading.
The company and AstraZeneca AZN.L held preliminary talks about a possible merger that would create one of the world's biggest pharmaceutical companies with a combined value of nearly $400 billion, a person familiar with the situation told Reuters.
The Financial Times first reported the news; Reuters could not determine whether the talks are ongoing.
London-listed shares of AstraZeneca were down over 6.5%, making it the biggest loser on the FTSE 100 index.
Bristol Myers has gained about 21% year to date, while AstraZeneca has lost over 14%.
