Roche to Acquire 89bio in $3.5 Billion Deal, Expanding MASH Pipeline

Roche has entered into a definitive merger agreement to acquire 89bio, Inc., a clinical-stage biopharma company focused on liver and cardiometabolic diseases. Under the terms, Roche will pay US$14.50 per share in cash at closing, valuing 89bio at approximately US$2.4 billion. In addition, stockholders will receive a contingent value right (CVR) of up to US$6.00 per share, raising the total deal value to nearly US$3.5 billion. The transaction is expected to close in Q4 2025.

Advancing MASH and CVRM Therapies

The acquisition brings pegozafermin, a Phase 3-ready FGF21 analog, into Roche’s late-stage pipeline for the treatment of moderate to severe MASH and cirrhosis. With its anti-fibrotic and anti-inflammatory profile, pegozafermin is seen as a potential transformative therapy addressing one of the most prevalent comorbidities of obesity.

Expanding Cardiometabolic Portfolio

Roche emphasized that acquiring 89bio strengthens its cardiovascular, renal, and metabolic (CVRM) portfolio. The company sees strong potential in exploring pegozafermin in combination with incretins and other assets, reinforcing its pipeline for obesity-related and metabolic disorders. Roche CEO Thomas Schinecker said the deal supports building a differentiated and robust therapeutic portfolio.