AstraZeneca Shares Slump After $400bn BMS Merger Rumors

3-line summary

• AstraZeneca shares dropped nearly 3% at market open after a report that the company is in talks with Bristol Myers Squibb on a merger that would create a combined entity worth nearly $400 billion, according to the Financial Times, cited in the report.
• AstraZeneca has a market cap of about £182 billion ($245 billion) and BMS is worth roughly $133.4 billion; Citi analysts said a merger "would be a surprise" given AstraZeneca's pipeline momentum, per the report.

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