AstraZeneca proposes roughly $10 billion bid for Rhythm Pharmaceuticals
AstraZeneca has floated a non‑binding offer of about $10 billion to acquire Rhythm Pharmaceuticals, valuing the biotech at up to $134 per share. The proposal follows an earlier report of a $124‑per‑share offer. Rhythm’s shares jumped 28% to $110.68, giving the company a market value of roughly $7.6‑$7.7 billion. The deal would be executed through AstraZeneca’s rare‑disease unit Alexion and would expand its obesity and rare‑disease pipeline.
Why it matters
The premium to Rhythm’s closing price could boost the biotech’s valuation and attract interest in other mid‑size obesity targets (the company says). For AstraZeneca, the acquisition would add a commercial foothold in the fast‑growing obesity market and support its goal of $80 billion in sales by 2030.
Key facts
- 1AstraZeneca offered about $10 billion to acquire Rhythm Pharmaceuticals. investing.com
- 2The non‑binding proposal values Rhythm at up to $134 per share, including milestone payments. investing.com
- 3A previously reported bid was $124 per share. investing.com
- 4Rhythm’s shares closed at $110.68, up 28% on the news. investing.com
- 5The closing price gave Rhythm a market capitalization of about $7.64 billion. investing.com
- 6AstraZeneca would run the transaction through its Alexion unit, which it bought for $39 billion in 2021. investing.com
Open questions
- Per‑share offer price: $124 per share reported earlier versus up to $134 per share in the latest non‑binding proposal (same basis).
- Market capitalization: reported as $7.64 billion, $7.6 billion, and $7.7 billion across sources (same basis).
Summary written by AlphAI AI Desk from 7 of 7 sources. Not investment advice. Figures are as stated by the linked sources.