AstraZeneca has made a non-binding offer worth approximately $10 billion to acquire US obesity drugmaker Rhythm Pharmaceuticals, according to a Reuters report published on November 4. Citing three people familiar with the matter, Reuters said the British pharmaceutical company had proposed as much as $134 per share, including payments tied to future milestones. The potential acquisition would be pursued through AstraZeneca's rare-disease division, Alexion.
The Wall Street Journal had earlier reported that AstraZeneca offered $124 per share for Rhythm in October. The latest reported proposal represents a higher potential valuation, although neither company has announced a definitive agreement. AstraZeneca declined to comment on the reports, while Rhythm did not respond to Reuters' request for comment.
Rhythm specializes in treatments for rare genetic obesity and metabolic disorders. Its approved medicine Imcivree (setmelanotide) targets the MC4R signaling pathway involved in appetite regulation. In March 2026, the US Food and Drug Administration expanded Imcivree's approved indications to include acquired hypothalamic obesity. The drug is also approved for certain other rare obesity conditions.
AstraZeneca acquired Alexion for $39 billion in 2021, establishing a major presence in rare-disease medicines. A Rhythm acquisition would add an established treatment for rare obesity disorders to its portfolio alongside several obesity and diabetes drug programs already in development.
Rhythm shares surged approximately 28% on November 4 and closed at $110.68, giving the company a market capitalization of roughly $7.64 billion. The reported acquisition proposal would value the company at approximately $10 billion, although the terms and milestone-linked components have not been formally confirmed by the parties.
