Roche Expands Cardiometabolic Portfolio with Acquisition of 89bio for $3.5 Billion

Roche Holding AG has acquired 89bio, Inc. for up to $3.5 billion, expanding its cardiometabolic pipeline. The deal consists of a $2.4 billion buyout value and aims to bolster Roche's cardiovascular franchise. The acquisition adds 89bio's late-stage drug candidate, 89Zr-cetuximab, to Roche's portfolio.

Roche Holding AG has entered into a definitive merger agreement to acquire 89bio, Inc. for up to $3.5 billion, a significant move to bolster its cardiovascular and metabolic diseases portfolio. The acquisition includes a $2.4 billion buyout value and aims to enhance Roche's position in the cardiometabolic space.

Under the terms of the agreement, Roche will acquire all outstanding shares of 89bio common stock at a price of $14.50 per share in cash at closing, plus a non-tradeable contingent value right (CVR) for up to an aggregate of $6.00 per share in cash. The total deal value could reach up to $3.5 billion if all contingent value rights are met Roche enters into a definitive merger agreement to acquire ...^[1].

The acquisition of 89bio, a clinical-stage biopharmaceutical company, is strategic for Roche, as it brings 89bio’s late-stage drug candidate, pegozafermin, to Roche’s portfolio. Pegozafermin is a glycoPEGylated analog of fibroblast growth factor 21 (FGF21) designed to address critical unmet needs in Metabolic Dysfunction-Associated Steatohepatitis (MASH), a prevalent comorbidity of obesity .

The deal underscores Roche's commitment to advancing innovative therapies in cardiovascular, renal, and metabolic diseases (CVRM). Pegozafermin, with its anti-fibrotic and anti-inflammatory mechanism, holds the potential to offer best-in-disease efficacy for moderate to severe MASH patients, including those with liver fibrosis and cirrhosis .

The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of 89bio’s common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

This acquisition aligns with Roche’s long-term strategy to build a robust pipeline that targets additional causes of metabolic disease, fostering opportunities for future combination development with incretins, which are already part of Roche’s CVRM portfolio.