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yesterday

Roche to Acquire 89bio in Deal Worth Up to $3.5 Billion

The Swiss drugmaker moves to bolster its cardiometabolic pipeline by adding 89bio’s Phase 3 MASH candidate.

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The boards of directors of both Roche and 89bio unanimously approved the transaction. Credit: F. Hoffmann-La Roche Ltd.
(Roche/Christopher Gmuender)
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Overview

  • Roche will launch a tender offer at $14.50 per share in cash plus non-tradeable contingent value rights worth up to $6 per share tied to milestones.
  • The agreement values 89bio at about $2.4 billion upfront and up to $3.5 billion if the CVR conditions are achieved.
  • Closing is targeted for the fourth quarter of 2025 pending a majority tender and regulatory approvals after unanimous board approvals.
  • 89bio’s lead asset, pegozafermin, is an FGF21 analogue in Phase 3 for MASH with pivotal readouts expected in 2027 and 2028 and EMA PRIME status granted last year.
  • Shares of 89bio jumped about 86% following the announcement as Roche flagged potential use alongside its obesity programs and the fit within its cardiovascular, renal and metabolic strategy.