Bristol-Myers Squibb (BMY) - Get Report shares rose Monday, ostensibly in response to speculation that the company could be a takeover target for Sanofi-Aventis (SNY) - Get Report.

The

Financial Times

reported that Sanofi "has held talks with bankers about possible deals," and could raise more than $20 billion, according to one analyst's estimate.

The speculation could have added resonance after a recent

bid

by drug giant

Pfizer

(PFE) - Get Report

to buy

Wyeth

(WYE)

, as more of the big pharma firms face an impending onslaught of generic drugs and not enough new drugs in their pipelines to keep up.

Bristol shares were up 3% to $22.05 in recent trading Monday.