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A proposed $400 billion merger between AstraZeneca and US rival Bristol Myers Squibb is dead, killed by investor opposition. The deal would have signaled the return of big pharma consolidation at meaningful scale.
What complicates that reading is that the shareholders who vetoed it may have understood something the deal's architects did not.
The deal that didn't close At $400 billion, an AstraZeneca and Bristol Myers combination would have been one of the most ambitious corporate transactions in recent pharma history.
The framing is important: the tie-up was described as a return to big pharma mergers, not a continuation of an existing cycle.
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