JPM | EMEA Spec Sits Daily: AZN LN/BMY US, EZJ LN, SNR LN, SUBC NO/ SPM IM

Research evidence excerpt

JPM | EMEA Spec Sits Daily: AZN LN/BMY US, EZJ LN, SNR LN, SUBC NO/ SPM IM

Specialist Sales J P M O R G A N

03 August 2026

JPM | EMEA Spec Sits Daily: AZN LN/BMY US, EZJ LN, SNR LN, SUBC

NO/ SPM IM

44 207 134 6029

zara.patel@jpmorgan.com

Special Sits Today

• News/ press: FT reports AZN LN and BMY US held tie-up discussions in recent months, EZJ LN PUSU extension to

Fri 7/8 to align with Apollo’s deadline, SNR LN guide to close “by the end of 2026”, SUBC NO/SPM IM US anti-trust

clearance

• Stock Research: AZN LN note from R. Vosser, BMY US note from C. Schott

• Today: IPF LN last day trading, SNR LN earnings

News & Press

M&A

• SNR LN: Positive deal update - 10/12 anti-trust and regulatory approvals have been obtained so far and they now guide to

close “by the end of 2026”. They previously expected the Court Sanction Hearing to be held “in/before Q1 2027”. link

• SUBC NO/ SPM IM: US anti-trust clearance. Subsea 7 on Friday announced expiration of the Hart-Scott-Rodino Act

waiting period. link US clearance is a positive, following the recent negative anti-trust developments with Australia and the

EC taking the deal to a Phase 2. It doesn’t change our estimated closing guidance of Nov-Dec 2026, given the other pending

anti-trust approvals (EC, ACCC and CADE).

Soft Catalyst

• AZN LN/ BMY US: Potential M&A.The FT reports that AstraZeneca and Bristol Myers Squibb have held discussions about

a tie-up in recent months. The article reports the exact deal structure could not be immediately determined but would probably

require both cash and shares. Please see below for research notes from Richard Vosser on AZN LN and Chris Schott on BMY

US.

• EZJ LN: Castlelake PUSU extension to 7 Aug. The PUSU deadline for Castlelake has been extended to 5pm on 7 August.