AstraZeneca in talks with Bristol Myers Squibb on $400 billion megadeal, FT reports

A smart acquisition strategy has made Bristol-Meyers, which has bought seven companies since October 2007, a big player in the cancer-treatment industry. Its purchase of Medarex in July added a key drug for metastic melanoma that’s in Phase III trials. The drug has possible multiple indications – industry jargon for its ability to treat more than one condition – for lung and prostate cancer.But BMY also sells Erbitux for colorectal, head and neck cancer, Ixempra for breast cancer, Taxol for brea U.K. pharmaceutical giant AstraZeneca is considering a deal to merge with its U.S. competitor Bristol Myers Squibb, in a deal that would value the joint company at roughly $400 billion, the Financial Times reported on Sunday. It's still unclear whether the deal will come together, but the companies have been discussing a merger over the last few months, sources told the FT. The merger would be one of the largest in history. AstraZeneca and Bristol Myers Squibb did not immediately respond to a CNBC request for comment. This is a developing story. Please check back for updates.