Roche Acquires 89bio with $2.4 Billion Buyout to Enter FGF21 MASH Therapeutics Space
Roche has agreed to acquire 89bio, a developer of therapies for metabolic dysfunction-associated steatohepatitis (MASH), with a deal valued at $2.4 billion in upfront cash and up to $3.5 billion total including contingencies23.
The merger agreement, signed in September 2025, includes a cash payment of $14.50 per 89bio share, plus non-tradeable contingent value rights (CVRs) worth up to $6.00 per share depending on future drug milestones and commercial performance23.
89bio’s flagship asset is pegozafermin, a Phase III, glycoPEGylated FGF21 analog in late-stage development for treating moderate to severe MASH, including fibrotic and cirrhotic patients (F2, F3, and F4 stages)13.
The acquisition strengthens Roche’s portfolio in cardiovascular, renal, and metabolic diseases (CVRM), and potentially accelerates the development of best-in-disease therapies for MASH, one of the most prevalent comorbidities of obesity3.
The transaction is expected to close in the fourth quarter of 2025, after which 89bio’s employees will join Roche's Pharmaceuticals Division13.
Shareholders of 89bio can receive additional milestone payments via CVRs based on the first commercial sale of pegozafermin in F4 MASH cirrhosis and on achieving certain global sales targets by 2030, 2033, and 20352.
Sources:
1. https://www.ainvest.com/news/roche-acquires-89bio-boosting-mash-drug-development-space-2509/
2. https://european-biotechnology.com/latest-news/roche-acquires-89bio-for-us3-5bn/