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AstraZeneca (NASDAQ:AZN) shares climbed around 6% on Wednesday after Reuters reported that there are “no discussions” between the company and Bristol Myers Squibb (NYSE:BMY) regarding a potential merger, contradicting recent speculation that had unsettled investors. The report eased concerns surrounding a deal that, if completed, would have created a pharmaceutical group valued at close to $400 billion.

Investors questioned whether combining AstraZeneca with Bristol Myers would strengthen growth enough to justify the financial and regulatory risks.

One of the largest global pharma companies would be created if a deal were to materialise.

The merger would be one of the biggest pharma deals ever. AstraZeneca’s market capitalization stood at $264 billion as of Friday’s close, while Bristol Myers Squibb had a total valuation of $133 billion.

If maintained until close, the decline would be the stock’s biggest one-day percentage fall since the day of the 2024 U.S. presidential election.