AstraZeneca, Gilead reportedly in early merger talks

AstraZeneca last month reportedly approached Gilead Sciences about a potential merger, according to a Bloomberg report.

AstraZeneca didn’t specify terms for any transaction and although Gilead reportedly discussed the idea with advisers, no decisions have been made on how to proceed and the companies aren’t in formal talks, according to the report. 

AstraZeneca is valued at $140 billion, and is the U.K.’s biggest drugmaker by market capitalization. Gilead, worth $96 billion, is the creator of remdesivir, which has an emergency use authorization from the  Food and Drug Administration, and has been shown in some early studies to shorten hospital stays for people with Covid-19.

AstraZeneca and Gilead did not confirm or comment on preliminary talks about a proposed merger, which would be the biggest healthcare deal on record.