AstraZeneca made a nonbinding offer of about $10 billion to acquire Rhythm Pharmaceuticals, a maker of rare obesity treatments, according to a Nov. 4 Wall Street Journal report. Neither company has confirmed the offer.
AstraZeneca made a $124-per-share offer last month, according to the Journal. Rhythm shares closed up 28% at $110.68, giving it a market value of about $7.64 billion. The deal would be pursued through Alexion, AstraZeneca’s rare disease unit.
Rhythm’s lead drug, Imcivree (setmelanotide), treats obesity and hunger caused by rare genetic and brain-related conditions. In March, the FDA expanded its approval to acquired hypothalamic obesity, which results from damage to a region of the brain that regulates appetite, making it the first treatment approved in the U.S. for the condition.
Rhythm’s therapies target rare forms of obesity and not the broader weight-loss market dominated by Novo Nordisk and Eli Lilly. An acquisition would give AstraZeneca a commercial presence in obesity and expand its rare disease portfolio.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
