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AstraZeneca Targeted Gilead for Merger: Report

The two drugmakers combined would have created major global pharma company.

Drugmaker Gilead Sciences  (GILD) - Get Gilead Sciences, Inc. (GILD) Report --  which has made headlines recently after getting the government's OK to use remdesivir as a potential coronavirus treatment -- was reportedly targeted by AstraZeneca  (AZN) - Get Astrazeneca PLC Sponsored ADR Report for a possible merger deal.

The news of the approach for the tie-up was reported by Bloomberg

A spokesman for Gildead told TheStreet on Sunday by email that the company had "no comment" on the report. 

An email to media officials at AstraZeneca, meanwhile, was not immediately answered.

Bloomberg's report relied on people "familiar" with the talks, which if agreed upon would have created the largest health care deal to date, according to the news service. 

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No "formal" talks are ongoing and Gilead isn't interested in being acquired or merging, according to Bloomberg's sources, the news service reported.

Were the two to combine into one company, the total value would be around $236 billion.

As of Friday's close, Gilead was trading for $76.75 and AstraZeneca for $53.85.

Gilead Sciences' main areas of drug development are HIV, acquired immunodeficiency syndrome, liver diseases, hematology, cancers, and inflammation and respiratory diseases, and include treatments under the brand names of Harvoni, Genvoya, Epclusa, Truvada, Atripla, Descovy, Stribild, Viread, Odefsey, Complera/Eviplera, Sovaldi, and Vosevi. 

U.K.-based AstraZeneca's main areas of drug research and development include treatments for cancer, cardiovascular diseases, and liver, metabolic and respiratory conditions. 

This story was updated with a response from Gilead.