Pharmaceutical company Astra Zeneca bid around 10 billion dollars for biotech company Rhythm Pharmaceuticals last month, sources tell the Wall Street Journal.
The bid amounted to 124 dollars per share. Rhythm, which develops treatments for metabolic diseases, closed 28 percent higher following the report and was then valued at approximately 7.6 billion dollars.
An acquisition would strengthen Astra Zeneca's efforts in both obesity and rare diseases. The company aims to reach sales of 80 billion dollars in 2030, compared with 58.7 billion dollars last year.
It is not clear from the reports whether negotiations are ongoing or how Rhythm has responded to the bid.
Sources: AstraZeneca bid $10 billion for Rhythm Pharmaceuticals
Sources cited by the Wall Street Journal say AstraZeneca approached the US biotech with a takeover offer last month. A potential deal would strengthen the pharmaceutical giant's position in obesity and rare diseases.
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