AstraZeneca reportedly made a non-binding offer of about $10 billion to acquire Rhythm Pharmaceuticals, which develops treatments for rare genetic forms of obesity. The proposal was reportedly made last month and valued Rhythm at about $124 per share. Some reports put the potential value at as much as $134 per share, including milestones.
Rhythm shares surged 28% and closed at $110.68. The company’s market capitalization reached about $7.64 billion.
AstraZeneca would pursue the acquisition through Alexion, its rare-disease division, which it acquired in 2021. The deal would expand AstraZeneca’s presence in rare diseases and the growing obesity-drug market. Neither company has officially confirmed the offer.