$400 Billion Pharma Megadeal? Jefferies Calls Potential AstraZeneca-Bristol Myers Merger A "Head Scratcher"

The talks could yield a deal in the near future but may be delayed or fall apart, the people said. AstraZeneca, worth about $264 billion, has increasingly shifted its focus toward the US while retaining its London headquarters and primary listing. Jefferies analysts called the potential deal a "head scratcher," while analysts at HSBC said there would be meaningful headwinds in tying up both pharma giants. The merger report reads highly uncertain and neither party has commented on the potential transaction. Shares of AstraZeneca in London trading are down around 5%, while Bristol Myers Squibb in US premarket trading is up around 6%.