AstraZeneca contacted Gilead over potential megamerger: Bloomberg News

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Britain’s AstraZeneca has approached U.S. rival Gilead Sciences about a possible merger to form one the world’s largest drug companies, Bloomberg News reported on Sunday, citing people familiar with the matter.

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LONDON (Reuters) – Britain’s AstraZeneca (AZN.L

FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid/File Photo

Its remdesivir antiviral is the first drug to lead to improvement in COVID-19 patients in formal clinical trials.

The drug has been cleared for emergency use in COVID-19 patients in countries including the United States and South Korea and could bring in more than $7 billion in annual sales for by 2022 if governments seek to stockpile it against future outbreaks, SVB Leerink has estimated.

An AstraZeneca-Gilead deal would not be the first big pharma takeover in the past year. U.S. drugmaker Bristol Myers Squibb (BMY.N) completed its $74 billion acquisition of Celgene in November and AbbVie (ABBV.N) is buying Botox maker Allergan (AGN.N) in a $63 billion deal.

Reporting by Paul Sandle, Pamela Barbaglia and Josephine Mason in London and Rama Venkat and Kanishka Singh in Bengaluru; Aadditional reporting by Ludwig Burger, Rebecca Spalding and Deena Beasley; Editing by Jason Neely, Barbara Lewis and David Goodman


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Author:

Britain’s AstraZeneca has approached U.S. rival Gilead Sciences about a possible merger to form one the world’s largest drug companies, Bloomberg News reported on Sunday, citing people familiar with the matter.

Source: {authorlink}

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