AstraZeneca is reportedly nearing a $10 billion offer for Rhythm Pharmaceuticals, according to The Wall Street Journal, a deal that would fold the metabolic biotech’s injectable weight-loss franchise into a larger pharma pipeline. The prospective bid values Rhythm at about $124 per share, after Rhythm shares surged following the report. Rhythm’s lead asset, setmelanotide (Imcivree), recently won an additional FDA indication for acquired hypothalamic obesity, extending the commercial runway while the company prepares a Phase 3 study for Prader-Willi syndrome. Market focus is on whether the aHO label and subsequent pipeline milestones can sustain sales growth at a level that justifies a mega-deal for a large-cap buyer.