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Merger speculation in the pharmaceutical sector ran ahead of reality this week.
AstraZeneca (NASDAQ: AZN) shares climbed around 6% on Wednesday after Reuters reported that no discussions are taking place between the company and Bristol Myers Squibb (NYSE: BMY) regarding a combination, deflating a rumour that had briefly wiped billions from AstraZeneca's market value.
The denial and the damage it reversed A senior source familiar with the matter told Reuters on Wednesday that there is no deal, there never was a deal, and no discussions are taking place between the two companies.
The statement arrived after a turbulent stretch: AstraZeneca shares fell roughly 9% in London earlier this week, its sharpest single-day drop since 2020, while Bristol Myers Squibb gained around 6% in U.S.
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