AstraZeneca Makes USD 10 Billion Bid for Obesity Drugmaker Rhythm Pharmaceuticals
Bengaluru: AstraZeneca made an about USD 10 billion offer to acquire obesity drugmaker Rhythm Pharmaceuticals, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The British drugmaker offered about $124 per share for Rhythm last month, the report said.
Shares of Rhythm closed up 28% at $110.68 on the news, giving it a market capitalization of about $7.64 billion, according to LSEG data.
AstraZeneca had previously expressed interest in Rhythm, which develops treatments for rare metabolic disorders and severe obesity, and renewed its pursuit in recent months, the report added.
AstraZeneca declined to comment, while Rhythm did not immediately respond to requests for comment.
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