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Merger rumors jolt stocks

The week that was

Other deals of the week

Pipeline picks

Chart of the week

Data: Nasdaq; Note: Percent change in daily closing price from July 31, 2026. July 31 = 0%; Chart: Natalie Breymeyer/Axios

Conflicting reports about a potential $400 billion merger between pharma giants AstraZeneca and Bristol Myers Squibb jolted both stocks this week.

Driving the news: The Financial Times reported on Sunday that the two were in talks over what would be one of the largest pharma mergers in history.

AstraZeneca shares fell in the wake of deal reports while Bristol Myers stock rose.

Reuters reported Wednesday that there were no ongoing discussions, citing a "senior source" that said there was no deal and never had been one to pursue.

AstraZeneca shares rebounded on Wednesday while BMY shares fell.

The latest: AZN closed at $161.42 today, while BMY closed at $64.72.

Between the lines: The FT report raised questions about AstraZeneca's confidence in its standalone plan to reach $80 billion in revenue by 2030.

BMY, meanwhile, is trying to navigate key upcoming patent expirations for drugs like Eliquis and Opdivo.

1 big thing: Merger rumors jolt stocks

🪓 Pfizer axes Metsera oral GLP-1 candidate

The cuts take some shine off one of biotech's splashiest recent takeovers.

🤝 PE-backed Curium to acquire Lantheus for up to $8B

The blockbuster potential of radiopharmaceuticals is drawing bigger bets.

🧪Exclusive: QuantHealth raises $45M to simulate clinical trials

Demand for modeling and simulation software is surging as AI promises to cut drug development costs and timelines.

👀 Pharma giants AZ and BMY in reported merger talks

An agreement would invite government scrutiny on both sides of the pond.

PE-backed Curium to acquire Lantheus for up to $8B

Exclusive: QuantHealth raises $45M to simulate clinical trials

Pharma giants AZ and BMY in reported merger talks

2. The week that was

Illustration of falling pills surrounded by abstract shapes and sections of dollars.

• Pathos AI, a Chicago-based AI drug developer, is raising up to $300m in Series E funding at an approximately $3b valuation, per Endpoints News. Go deeper

• LifeMine Therapeutics, a Cambridge, Mass.-based immunosuppressant developer, raised $263m in combined Series D and E funding from backers like RA Capital Management, GV, GSK, Bill Gates, and Jeff Bezos. axios.link/3RLJZlj

• Expedition Therapeutics, an SF-based developer of oral therapies for inflammatory and respiratory diseases, raised $115m in Series B funding. General Atlantic led, joined by RA Capital, Vivo Capital, Sofinnova Investments, Novo Holdings, Forbion, KKR-controlled Dawn Biopharma, Adage Capital Management, Balyasny Asset Management, Logos Capital, Sanofi Ventures, BVF Partners, and Venrock Healthcare Capital Partners. axios.link/4wzkQt8

• Vedanta Biosciences, a Cambridge, Mass.-based developer of oral therapies for gastrointestinal diseases, raised $40m led by AMR Action Fund and BNP Paribas Asset Management Alts. It also secured $20m under its contract with BARDA. Go deeper

• Inocras, a San Diego-based genome data and analytics startup, raised $31m from NDS, Aimed Bio, IMM Investment, Korea Investment & Securities, LoftyRock Investment, DT& Investment, Woori Investment & Securities, Shinhan Securities, DSC Investment, Dunamu & Partners, and InterVest. Go deeper

• Dash Bio, a Boston-based pharma lab services company, raised $30m in Series A funding. Oak HC/FT led, joined by Freestyle Capital and Swift Ventures. axios.link/45DrtyI

• AsymBio, a Shanghai-based biologics CDMO, raised $184m from parent company Asymchem Group, Hillhouse Qirui and other investors. Go deeper

• Sheridan Capital Partners invested in Carolina Components Group, a Durham, N.C.-based provider of bioprocessing assemblies and components for drugmakers. Go deeper

• Nordic Capital agreed to acquire the medical business of BWX Technologies (NYSE: BWXT), including its stable medical isotopes unit, for up to $800m. axios.link/459fN6G

• Supernus Pharmaceuticals (Nasdaq: SUPN) and Individor Pharmaceuticals (Nasdaq: INDV) agreed to merge in an all-stock deal of brain drug developers. Go deeper

3. Other deals of the week

Illustration of the score line on a pill in the shape of an upward arrow instead of straight across.

🏛️ Senate confirms Schwartz for CDC director — Axios

🦠 Now AI can create new viruses — Axios

⏱️ Work ethic becomes a flashpoint as China's biotech pace quickens  — EndPoints News

4. Pipeline picks

Illustration of a pattern of repeating health crosses with several hands picking up different crosses. 

Data: SEC; Chart: Natalie Breymeyer/Axios

BlossomHill and Latigo capped a busy biotech IPO week, following sizable debuts from Attovia on Wednesday and Braveheart Thursday.

Up next is metabolic-focused Vogenx, which is targeting a roughly $75 million raise.

Braveheart Bio raises nearly $383M in IPO

BlossomHill Therapeutics raises $150M in IPO

Latigo Biotherapeutics raises $345.6M in IPO

5. Chart of the week

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August 08, 2026

1 big thing: Merger rumors jolt stocks