Roche Agrees to Acquire 89bio for $3.5 Bln

89bio has agreed to be acquired by Roche for $14.50 per share in cash, or $2.4 billion, with an option to receive up to $6 per share in cash, bringing the total equity value to up to $3.5 billion. The acquisition price is a 79% premium to 89bio's closing price on September 17 and a 52% premium to its 60-day volume-weighted average price. The transaction is expected to be closed in Q4 2025.

Roche has agreed to acquire 89bio, a clinical-stage biopharmaceutical company focused on liver and cardiometabolic diseases, for approximately $3.5 billion. The transaction, expected to close in the fourth quarter of 2025, will see 89bio stockholders receive $14.50 per share in cash at closing, plus a non-tradeable contingent value right (CVR) to receive up to $6.00 per share in cash upon achievement of specified milestones.

The acquisition price represents a 79% premium to 89bio's closing stock price on September 17, 2025, and a 52% premium to its 60-day volume-weighted average price. The deal includes a cash payment of $2.4 billion for 89bio's outstanding shares, with the remaining value tied to the achievement of specific milestones related to pegozafermin, 89bio's lead candidate for the treatment of metabolic dysfunction-associated steatohepatitis (MASH).

89bio's CEO, Rohan Palekar, expressed enthusiasm about the acquisition, stating that it aligns with the company's mission to develop innovative therapies for serious liver and cardiometabolic diseases. Boris L. Zaïtra, Head of Roche Corporate Business Development, echoed these sentiments, noting that pegozafermin's potential to transform the standard of care for MASH patients is a significant driver for Roche.

The acquisition will see 89bio join Roche's Pharmaceuticals Division, where it will leverage Roche's established global development, manufacturing, and commercialization capabilities to accelerate the potential benefits of pegozafermin. The closing of the transaction is subject to customary closing conditions, including the tender of shares representing at least a majority of 89bio's outstanding shares and regulatory review.