AstraZeneca makes $10bn offer for Rhythm Pharmaceuticals, WSJ reports
Rhythm, whose setmelanotide platform targets genetic obesity, reported second-quarter revenue of $71.3M, up 46.9% from a year earlier.
AstraZeneca has made a $10bn offer for Rhythm Pharmaceuticals, whose setmelanotide platform is aimed at genetic obesity, The Wall Street Journal reports.
Rhythm is small but growing fast. Its second-quarter revenue was $71.3M against $67.7M expected, up 46.9% from a year earlier. Its loss of $0.73 a share was $0.08 better than expected.
The bid looks like a turn in direction. On September 29 it agreed to invest $2.0bn in Summit Therapeutics through convertible preferred stock, a direct capital stake in a partner company. Rhythm would instead give it a foothold in obesity, a category increasingly crowded with GLP-1 competition, and a different growth lever from the lung cancer label expansions that have driven sentiment.
© Raydn · raydn.us
Related news
Amgen says Imdelltra plus durvalumab extends survival in lung cancer trial
Median overall survival reached 21.1 months on the combination, against 12.7 months on durvalumab alone.
- · From the wire
Citigroup raises AstraZeneca price target to 18,600p from 17,800p.