AstraZeneca seeks U.S. FDA approval for lung cancer treatment

AstraZeneca forecasted higher 2022 sales, raised its dividend, and sought U.S. approval for a new COVID-19 treatment. It settled a vaccine delivery dispute with the EU. Studies showed mixed AstraZeneca-Pfizer shots boost antibody levels and that its vaccine is effective against Delta variants. Several countries limited or halted its vaccine use due to blood clot concerns, while others resumed. AstraZeneca shares dipped after a $39 billion deal for Alexion Pharmaceuticals.

Rhythm Pharmaceuticals' shares rose 24% on reports of a $10B acquisition offer from AstraZeneca, valued at $124 per share. The deal centers on Rhythm's weight-loss drug Imcivree, which saw Q3 sales of $92.1M. Analysts highlight Imcivree's potential, with William Blair projecting $3.6B in sales by 2032. Rhythm has other drugs in development and $320.9M in cash.

AstraZeneca reportedly bid $10 billion ($124/share) for Rhythm Pharmaceuticals, a 43% premium over its Tuesday close. Neither company confirmed the talks. AstraZeneca also partnered with Insitro for drug discovery, offering up to $1.46 billion in milestone payments.

Rhythm Pharmaceuticals (RYTM) shares rose 28% to $110.68 following a report of a potential $124 per share bid from AstraZeneca, valuing the company at about $10 billion. Neither company confirmed the report. Rhythm also announced expanded NICE guidance for IMCIVREE in the UK and FDA approval in the U.S. for treating obesity caused by brain injury.

AstraZeneca reportedly bid $10B ($124/share) for Rhythm Pharmaceuticals last month, according to the Wall Street Journal. Rhythm, which focuses on metabolic disease treatments, saw its stock rise 28% post-report, valuing it at $7.6B. The acquisition could bolster AstraZeneca's obesity and rare disease portfolio, as it targets $80B sales by 2030, up from $58.7B in 2023. Negotiation status and Rhythm's response remain unclear.

AstraZeneca reportedly offered $10 billion, or $124 per share, for Rhythm Pharmaceuticals, according to the WSJ. Rhythm's shares rose 28% to $110, valuing it at $7.6 billion. The deal would expand AstraZeneca's obesity and rare disease treatments, aligning with its $80 billion 2030 sales target.