Industry
AstraZeneca Makes $10B Nonbinding Bid for Rhythm Pharmaceuticals
AstraZeneca made a nonbinding offer of about $10 billion to acquire Rhythm Pharmaceuticals, a maker of rare obesity treatments, according to a Nov. 4 Wall Street Journal report cited by Becker's Hospital Review. Neither company has confirmed the offer, which followed an earlier $124-per-share bid last month. Rhythm shares closed up 28% at $110.68, giving the company a market value of about $7.64 billion. The deal would be pursued through Alexion, AstraZeneca's rare disease unit, and would add Rhythm's lead drug Imcivree, which treats obesity tied to rare genetic and brain-related conditions including acquired hypothalamic obesity.
Why it mattersSpecialty pharmacy teams at Medicaid health plans may need to watch for formulary and utilization management implications if AstraZeneca's acquisition of Rhythm expands commercial access to rare obesity treatments like Imcivree.