A Reuters report said AstraZeneca and Bristol Myers Squibb are not having ongoing discussions about a potential merger, undercutting recent media coverage of talks. A senior source told Reuters there is “no deal” and “no discussions,” following Financial Times reporting that AstraZeneca was in talks. Investor reaction reflected the uncertainty: AstraZeneca’s stock slid after the initial rumor, then partially rebounded after Reuters’ clarification. The companies’ combined scale would have created a pharmaceutical group valued near $400 billion, but analysts warned of antitrust scrutiny and R&D disruption. The episode emphasizes how fast market pricing is reacting to large-cap M&A speculation and how quickly that sentiment can pivot on confirmation or denial.