According to a report from The Wall Street Journal, citing people familiar with the matter, AstraZeneca offered $124 per share last month for Rhythm.
- The buyout bid represents a substantial premium of about 43% over Rhythm’s Tuesday closing price of $86.44.
- The reported bid comes amid heightened industry focus on metabolic and obesity-related assets.
- Rhythm develops targeted therapies for rare neuroendocrine conditions that cause severe obesity and hyperphagia or insatiable hunger.
Shares of Rhythm Pharmaceuticals (RYTM) closed up 28% on Wednesday, clocking its best day since July 2025, following reports that U.K-based pharma giant AstraZeneca had submitted a roughly $10 billion takeover proposal for it.
According to a report from The Wall Street Journal, citing people familiar with the matter, the U.K.-based drugmaker offered $124 per share last month for Rhythm. The bid represents a substantial premium of about 43% to Rhythm’s Tuesday closing price of $86.44. The company is valued at about $7.6 billion as of Wednesday’s close.
Neither company has publicly confirmed the discussions though WSJ noted that AstraZeneca expressed interest in Rhythm previously too.
Why Rhythm?
The reported bid comes amid heightened industry focus on metabolic and obesity-related assets. Rhythm develops targeted therapies for rare neuroendocrine conditions that cause severe obesity and hyperphagia or insatiable hunger. Its lead product, IMCIVREE (setmelanotide), is approved in the U.S., Europe, and other markets for acquired hypothalamic obesity, Bardet-Biedl syndrome, and certain genetic deficiencies. The company is also studying the drug in Prader-Willi syndrome.
The company reported third-quarter 2026 global net product revenue reached $92.1 million, up 29% sequentially, driven primarily by the U.S. launch of IMCIVREE for acquired hypothalamic obesity, with more than 700 patient start forms received. International expansion includes a recent Japan launch and ongoing European market-access work.
Beyond IMCIVREE, Rhythm is advancing drugs including Bivamelagon, an oral candidate licensed from LG Chem, which is moving toward pivotal late-stage trials in acquired hypothalamic obesity and Prader-Willi syndrome. RM-718, a weekly injectable, is in earlier clinical development. The company additionally holds preclinical assets for congenital hyperinsulinism.
Meanwhile, AstraZeneca has been attempting to expand its rare diseases and obesity portfolio, including by striking a potential multibillion-dollar alliance with China’s CSPC in early 2026 for up to eight next-generation obesity and diabetes programs. Late last year, the company acquired the muscle-preserving obesity startup SixPeaks Bio while advancing its own pipeline in obesity.
How Did RYTM Retail Traders React?
On Stocktwits, retail sentiment around RYTM jumped from ‘neutral’ to ‘bullish’ territory over the past 24 hours, while message volume stayed at ‘high’ levels.
RYTM stock has gained 3% year-to-date.
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