A source close to the matter told Reuters there is "no deal" and there "never was a deal to be done" between the two drugmakers

U.K. pharmaceutical giant AstraZeneca is considering a deal to merge with its U.S. rival Bristol Myers Squibb.

AstraZeneca in talks to merge with Bristol Myers Squibb, creating $400B pharma giant, while talks ongoing for months, antitrust scrutiny is expected.