AstraZeneca shares rose 2.5 per cent after reports denied discussions regarding a potential mega-merger with United States rival Bristol Myers Squibb.
The stock of the pharmaceutical giant climbed 296p to reach 12,036p following a report by Reuters quoting a senior source who dismissed rumours of a deal.
The senior source stated: "There is no deal between AstraZeneca and BMS. There never was a deal to be done, and there are no discussions between the companies."
A second source cited in the report confirmed that there were no active talks between the firms. Shares in Bristol Myers Squibb fell 3 per cent on Wall Street.
Market Response and Valuation
On Monday, some £18billion was wiped off AstraZeneca's market value as analysts and investors questioned the rationale behind the rumoured merger.
