Reports from Nov. 4–5 say AstraZeneca made a non-binding offer to acquire Rhythm Pharmaceuticals for about $10 billion. The Wall Street Journal reported a bid of about $124 per share; Reuters cited sources saying the proposal could reach $134 per share if milestone payments are included.
Neither company had publicly confirmed a deal, and AstraZeneca declined to comment. The reported offer is not a finalized acquisition.
Rhythm shares jumped after the reports, closing up 28% at $110.68 on Nov. 4, according to Reuters.
Some analysts say competing bids or further negotiations are possible. They point to Rhythm’s rare-obesity treatments and potential growth opportunities, including its Prader-Willi syndrome program; other analysts suggest the reported price may not fully reflect that potential.
AstraZeneca’s reported rationale is strategic:
Rhythm could strengthen its rare-disease business, Alexion, and add to its presence in obesity. A bidding war is speculation, not a confirmed development.
Sources:
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