AstraZeneca made a $10 billion offer to acquire Rhythm Pharmaceuticals, a company specializing in treatments for metabolic disorders and severe obesity, according to reports.
The bid was reportedly made earlier this year, though the terms and specifics of the offer have not been publicly disclosed. Rhythm Pharmaceuticals has developed treatments targeting conditions such as obesity and other metabolic diseases, areas that have seen significant interest from major pharmaceutical companies.
Discussions between AstraZeneca and Rhythm Pharmaceuticals did not result in a deal, and Rhythm remains an independent entity. The pharmaceutical industry has been experiencing a wave of mergers and acquisitions as companies seek to bolster their pipelines and expand into high-growth areas like obesity treatments.