3.5 Billion Dollar Deal Roche to Acquire Clinical-Stage Biopharma Firm 89bio

Related Vendors

Roche Diagnostics International AG

Gerhard Schubert GmbH - Verpackungsmaschinen

TRM Filter d.o.o.

ProMinent GmbH

Roche has recently signed a definitive merger agreement to acquire 89bio, a clinical-stage biopharma firm specializing in the development of innovative therapies for the treatment of liver and cardiometabolic diseases.

Basel/Switzerland – Roche has recently announced that it has entered into a definitive merger agreement to acquire 89bio, a publicly listed clinical-stage biopharmaceutical company pioneering the development of innovative therapies for the treatment of liver and cardiometabolic diseases. 89bio’s pegozafermin is a FGF21 analog 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 transaction is expected to close in the fourth quarter of 2025.

This acquisition underscores Roche’s dedication to advancing innovative therapies in cardiovascular, renal, and metabolic diseases (CVRM), especially for patients affected by overweight, obesity, and related health challenges such as Mash. 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 CVRM portfolio. Acquiring 89bio, therefore, fosters Roche’s activities to build a robust and differentiated pipeline that targets additional causes of metabolic disease.

“This acquisition further strengthens our portfolio in cardiovascular, renal, and metabolic diseases and offers opportunities to explore combinations with existing programmes in our pipeline,” said Thomas Schinecker, Roche Group CEO. “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. With its combined anti-fibrotic and anti-inflammatory mechanism, pegozafermin could potentially offer best-in-disease efficacy for all moderate to severe Mash patients.”

89bio’s pegozafermin is a glycopegylated analog of fibroblast growth factor 21 (FGF21) specifically designed to address critical unmet needs in Mash. With its anti-fibrotic and anti-inflammatory mechanism of action combined with a favorable safety profile, pegozafermin is positioned to potentially deliver best-in-disease efficacy for patients suffering from moderate to severe liver fibrosis (F2/F3 stages) and cirrhotic MASH (F4 stage).

Current 89bio employees will join the Roche Group as part of Roche’s Pharmaceuticals Division.

Terms of the Agreement

Under the terms of the merger agreement, Roche will promptly commence a tender offer to acquire all of the outstanding shares of 89bio common stock at a price of 14.50 dollars per share in cash at closing, plus a non-tradeable CVR to receive certain milestone payments of up to an aggregate of 6.00 dollars per share in cash, representing a total equity value of approximately 2.4 billion dollars at closing and representing a total deal value of up to 3.5 billion dollars. The price payable at closing represents a premium of approximately 52 % to 89bio’s 60-day VWAP price on 17 September 2025. The merger agreement has been unanimously approved by the boards of Roche and 89bio. The transaction is expected to close in the fourth quarter of 2025.

(ID:50566370)