Beyond Bolt-OnsDeal or no deal, mere talks between AstraZeneca and Bristol Myers point to one of the global pharma industry’s biggest themes. There has been a dearth of megadeals since Bristol Myers’ own $74 billion acquisition of Celgene in 2019 and AbbVie’s $63 billion acquisition of Allergan in 2020, and an AstraZeneca and Bristol Myers tie-up would represent a record. While it’s growing, almost half of Bristol Myers’ revenue is facing loss of exclusivity by 2030. Reflecting investor anxiety about the imbalance, AstraZeneca shares fell 7% in New York, while Bristol Myers Squibb’s shares were flat. A Bristol Myers acquisition that massively expands its US presence won’t ease such worries.