Using a sample of 33 completed U.S. international mergers and acquisitions (M&A) operating in the pharmaceutical sector and made during the past five years (28/04/2014 – 28/04/2019), this paper aims to examining the effects of stock returns around M&A announcements and the determinants of deal value as measured by the bidder’s cumulative abnormal returns for cross-border M&A. Looking at the outcome of abnormal returns for acquirer in event period [-10, 10], only small deviations from zero are observed for the days around the announcement date. It is found that the price-specific variable stock run-up as well as the deal- characteristics payment mode has significant impact on acquirer CAR, and the insignificance of firm- characteristics is mainly due to the limited number of observations.