Roche Acquires 89bio in $3.5bn Deal to Expand Liver and Cardiometabolic Treatment Pipeline.

Roche has agreed to acquire US biotech 89bio in a deal worth up to $3.5 billion. The takeover centers on 89bio's lead drug candidate, pegozafermin, which is in late-stage trials for fatty liver disease. Roche will pay $14.50 per share in cash plus up to $6.00 in contingent rights. The deal extends Roche's push into weight-loss and related therapies. Shares of 89bio surged 87% to about $15 pre-market.

Basel, Switzerland - Roche (SIX: RO, ROG; OTCQX: RHHBY) has announced a definitive merger agreement to acquire 89bio, Inc. (Nasdaq: ETNB), a clinical-stage biopharmaceutical company specializing in liver and cardiometabolic diseases. The acquisition, valued at up to $3.5 billion, centers around 89bio's lead drug candidate, pegozafermin, which is in late-stage development for Metabolic Dysfunction-Associated Steatohepatitis (MASH) Roche enters into a definitive merger agreement to acquire ...^[1].

Deal Terms and Structure

Roche will pay $14.50 per share in cash at closing, representing a total equity value of approximately $2.4 billion. Additionally, stockholders will receive a non-tradeable contingent value right (CVR) for up to $6.00 per share in cash, contingent upon the achievement of specified commercial milestones Roche enters into a definitive merger agreement to acquire ...^[1]. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

Pegozafermin: A Transformative Treatment for MASH

Pegozafermin is a glycoPEGylated analog of fibroblast growth factor 21 (FGF21) designed to address critical unmet needs in MASH. It is currently in late-stage development for MASH in moderate and severe fibrotic patients (F2 and F3 stages) as well as cirrhotic patients (F4 stage). The drug's anti-fibrotic and anti-inflammatory mechanism of action, combined with a favorable safety profile, positions it to potentially deliver best-in-disease efficacy for patients suffering from moderate to severe liver fibrosis and cirrhotic MASH Roche enters into a definitive merger agreement to acquire ...^[1].

Strategic Implications

The acquisition underscores Roche's commitment to advancing innovative therapies in cardiovascular, renal, and metabolic diseases (CVRM). Pegozafermin offers a distinct mechanism of action that not only holds the potential for enhanced efficacy and tolerability but also unlocks opportunities for future combination development with incretins, creating synergies with Roche's existing CVRM portfolio Roche enters into a definitive merger agreement to acquire ...^[1].

Thomas Schinecker, Roche Group CEO, stated, "This acquisition further strengthens our portfolio in cardiovascular, renal, and metabolic diseases and offers opportunities to explore combinations with existing programmes in our pipeline. We are highly encouraged by pegozafermin's potential to become a transformative treatment option in MASH, one of the most prevalent comorbidities of obesity, and to meet diverse patient needs associated with this complex disease" Roche enters into a definitive merger agreement to acquire ...^[1].

Market Reaction

Shares of 89bio surged 87% to about $15 pre-market following the announcement, reflecting investor optimism about the potential of pegozafermin and the strategic fit with Roche's CVRM portfolio Roche enters into a definitive merger agreement to acquire ...^[1].

References

Roche enters into a definitive merger agreement to acquire ...^[1] https://www.roche.com/media/releases/med-cor-2025-09-18