A trillion-yuan gamble is coming

▤ Summary

The article reports that AstraZeneca and Bristol Myers Squibb are in merger discussions that could create the largest pharmaceutical combination in history. A successful deal would produce a new company with more than $100 billion in annual sales and reshape the global drug industry. The piece explains that both firms face major patent cliffs, which helps explain the strategic logic behind such a bold move. It also notes that the talks remain early and that investors are skeptical because the transaction would require complex financing, regulatory approval, and difficult integration.

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