AstraZeneca reportedly made $10 billion bid for obesity drugmaker Rhythm
AZN•AstraZeneca reportedly offered about $10 billion, or $124 per share, to acquire Rhythm Pharmaceuticals last month. Rhythm shares closed up 28% at $110.68, valuing the company at about $7.64 billion.
1. Reported takeover offer
AstraZeneca offered about $124 per share for Rhythm Pharmaceuticals last month, for a total bid of about $10 billion, the report said. AstraZeneca had previously expressed interest in Rhythm and renewed its pursuit in recent months.
2. Rhythm’s obesity treatments
Rhythm develops treatments for rare metabolic disorders and severe obesity. In March, the FDA expanded use of its therapy Imcivree for a rare form of obesity caused by brain damage, making it the first treatment approved in the country for the condition. The company is also developing treatments for additional rare neuroendocrine and metabolic diseases.
