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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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Dealbreaker
DealbreakerRoche’s Metabolic Drug Strategy Extends to the Liver Disease MASH With $2.4B 89bio Acquisition
Roche is buying 89bio to get pegozafermin, a drug currently in two Phase 3 studies for the fatty liver disease MASH. Beyond the $2.4 billion payable when the deal closes, another $1.1 billion in contingent value right payments is tied to the achievement of commercial milestones for the projected blockbuster seller. The post Roche’s Metabolic Drug Strategy Extends to the Liver Disease MASH With $2.4B 89bio Acquisition appeared first on MedCity Ne…
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