There are no discussions happening between Astrazeneca (AZN LN) and Bristol Myers Squibb (BMY) over potential deal, Reuters reports, citing sources

Sourced denials of this sort are a standard beat in large-cap pharma deal speculation: the sequence typically runs from press report or unusual price and volume action, to a knockdown citing people familiar, and the reporting outlet carrying the denial has historically been on the reliable end of these stories. The distinction worth drawing is between a denial of talks and a denial of interest; this is the former, which leaves open past contact or future approaches, and past episodes of this kind have not always been the end of the matter, though denials of this precision more often are. Both names fit the profile that fuels periodic consolidation chatter, large diversified pharma facing patent-cliff revenue gaps and active in bolt-on and licensing deals, so speculation of this pairing tends to recur. The typical market pattern is a partial unwind of any premium embedded in the rumoured target, with the acquirer side moving less; where no run-up preceded the denial, the effect is minimal. The follow-ons worth noting are any formal statements from either company, which carry more weight than sourced knockdowns, and whether activist or analyst commentary keeps the strategic logic alive.