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Roche to acquire liver drug developer 89bio for up to $3.5 billion

Roche's $3.5 billion acquisition of 89bio includes milestone-based payments tied to pegozafermin's commercial sales, targeting treatment for moderate to severe metabolic dysfunction-associated steatohepatitis.

  • On September 17, 2025, Roche announced a merger agreement to acquire 89bio for $14.50 per share in cash, with stockholders receiving up to $20.50 per share including a non-tradeable CVR, valuing the deal at $3.5 billion, and said 89bio will join its Pharmaceuticals Division.
  • Roche aims to transform patient care by adding pegozafermin, a phase 3 glycoPEGylated FGF21 analog, to its Cardiovascular, renal, and metabolic diseases portfolio targeting MASH.
  • The company said the Board unanimously approved, and an affiliate of Roche will commence a tender offer, with the transaction expected to close in late 2025.
  • The companies said the deal is expected to close in the fourth quarter of 2025, subject to regulatory review and risks such as competing offers and milestone uncertainties.
  • The agreement includes non-tradeable contingent value rights that offer milestone payments of $2.00, $1.50, and $2.50 per share by March 31, 2030, December 31, 2033, and December 31, 2035, tying value to pegozafermin's commercial success.
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Benzinga broke the news in New York, United States on Thursday, September 18, 2025.
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