AstraZeneca in talks with Bristol Myers Squibb on $400 billion megadeal, FT reports

AstraZeneca and Bristol Myers Squibb mull $400 billion deal: Report

UK pharmaceutical company AstraZeneca is considering a deal to merge with its U.S. competitor Bristol Myers Squibb, according to a report by the Financial Times.

The megadeal would be one of the largest in history, creating a combined company valued at $400 billion.

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.