AstraZeneca Offers $10 Billion to Acquire Rhythm Pharmaceuticals

AstraZeneca made a roughly $10 billion offer to acquire Rhythm Pharmaceuticals last month to expand its portfolio of rare disease treatments. The U.K. pharmaceutical company proposed a price of $124 per share for the biotech firm, which specializes in treating metabolic conditions and severe obesity.

AstraZeneca had previously expressed interest in the company before making the formal bid. At the time of the report, Rhythm Pharmaceuticals shares were trading at approximately $95, which valued the company at roughly $6.6 billion.