AstraZeneca shares fall 8.9% over merger talks with US cancer drug firm

$400bn tie-up with Bristol Myers Squibb would create world’s fourth largest drugmaker but analysts question rationale for dealMore than £17bn was wiped off the value of Britain’s biggest drugmaker, AstraZeneca, on Monday after a report that it was in discussions to take over its US rival Bristol Myers Squibb in a deal that would create a near $400bn (£300bn) pharmaceutical group.AstraZeneca, run by Pascal Soriot, its longtime chief executive, had been worth nearly £196bn before the news broke. BMS, headquartered in Princeton, New Jersey, and known for its cancer treatments, was worth $133bn (£98bn). Continue reading...