The takeover would have created the largest pharmaceutical company in the world, overtaking Pfizer.
The talks are believed to have collapsed because of the French drug maker's objection to the market valuation of Bristol-Myers at about $28 a share, the Times said, without citing sources.
Bristol-Myers Squibb jointly markets Plavix with Sanofi. A court case concerning Plavix has just started making the possibility of a merger more complicated. In the trial, Apotex, a maker of generic drugs, is claiming that the Plavix patent is invalid and cannot be enforced.