AstraZeneca reportedly bids $10 billion for metabolic biotech Rhythm Pharmaceuticals

AstraZeneca is said to have made a $10 billion offer to acquire Rhythm Pharmaceuticals, a biotech that develops treatments for rare neuroendocrine disorders.

The proposal values Rhythm at $124 per share and lifted its stock about 24% after the rumor spread.

Analysts at William Blair consider Rhythm an attractive target for large biopharma firms seeking metabolic assets such as diabetes and obesity therapies, and they expect additional interest from other buyers.

The centerpiece of the potential deal is the injectable weight loss drug Imcivree, which recently earned FDA approval for a third indication, acquired hypothalamic obesity, and could generate several billion dollars in sales by 2032.

William Blair notes that this may not be the final offer, suggesting that further bids could emerge.