Roche to Acquire 89bio in $3.5 Billion Deal

Roche 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. 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, a late-stage development therapeutic for MASH in fibrotic and cirrhotic patients from 89bio, not only holds the potential for enhanced efficacy and tolerability. It also unlocks opportunities for future combination development, creating synergies with Roche’s CVRM portfolio. Acquiring 89bio 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. 

Terms of the Agreement

Under the terms of the merger agreement, Roche will acquire all of the outstanding shares of 89bio common stock at a price of $14.50 per share in cash at closing, plus a non-tradeable CVR to receive certain milestone payments of up to an aggregate of $6.00 per share in cash, representing a total equity value of approximately $2.4 billion at closing and representing a total deal value of up to $3.5 billion. 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. It is subject to customary closing conditions