A smart acquisition strategy has made Bristol-Meyers, which has bought seven companies since October 2007, a big player in the cancer-treatment industry. Its purchase of Medarex in July added a key drug for metastic melanoma that’s in Phase III trials. The drug has possible multiple indications – industry jargon for its ability to treat more than one condition – for lung and prostate cancer.But BMY also sells Erbitux for colorectal, head and neck cancer, Ixempra for breast cancer, Taxol for brea

U.K. pharmaceutical giant AstraZeneca is considering a deal to merge with its U.S. competitor Bristol Myers Squibb, in a deal that would value the joint company at roughly $400 billion, the Financial Times reported on Sunday.

It's still unclear whether the deal will come together, but the companies have been discussing a merger over the last few months, sources told the FT.

The merger would be one of the largest in history.

AstraZeneca and Bristol Myers Squibb did not immediately respond to a CNBC request for comment.

Last year, AstraZeneca unveiled plans for a direct U.S. listing, ⁠aiming to capitalize on stronger valuations in the U.S. market ‌while remaining listed in London.

The company's ‌share price has more than quadrupled during Pascal Soriot's 14-year tenure as CEO, soaring above the wider FTSE 100 ⁠index and main British rival GSK.

AstraZeneca's second-quarter results, posted last ⁠week, showed strong demand for cancer and ⁠rare disease drugs continues to drive growth. Cancer treatments accounted for about $25 billion in ​2025 sales, nearly half of ‌the total, followed by cardiovascular, renal and metabolism treatments worth about $12 billion.

The report of the potential deal comes about 12 years after AstraZeneca fended off a takeover ​bid from larger U.S. rival ‌Pfizer.

Read the complete Financial Times story here.

— Reuters contributed to this report.

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