NextFin news, Swiss pharmaceutical giant Roche announced on Thursday, September 18, 2025, that it has entered into a definitive merger agreement to acquire 89bio, a clinical-stage biopharmaceutical company focused on therapies for liver and cardiometabolic diseases, for up to $3.5 billion. The acquisition aims to strengthen Roche's portfolio in cardiovascular, renal, and metabolic diseases, particularly targeting obesity-related conditions.
Under the terms of the deal, Roche will purchase all outstanding shares of 89bio at $14.50 per share, valuing the equity at approximately $2.4 billion, representing a 52% premium over the biotech's recent trading price. Additionally, 89bio shareholders will receive a contingent value right of $6 per share, potentially increasing the total deal value to $3.5 billion. The transaction is expected to close by the end of 2025, subject to customary closing conditions.
The centerpiece of the acquisition is 89bio's lead drug candidate, pegozafermin, an FGF21 analog currently in late-stage development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), a severe form of non-alcoholic steatohepatitis (NASH) linked to obesity. Pegozafermin has demonstrated anti-fibrotic and anti-inflammatory properties and showed promising efficacy in Phase IIb clinical trials, with significant improvements in liver fibrosis and MASH resolution compared to placebo.
Roche Group CEO Thomas Schinecker stated, "This acquisition further strengthens our portfolio in cardiovascular, renal and metabolic diseases and offers opportunities to explore combinations with existing programmes in our pipeline. We are highly encouraged by pegozafermin’s potential to become a transformative treatment option in MASH, one of the most prevalent comorbidities of obesity, and to meet diverse patient needs associated with this complex disease."
The acquisition aligns with Roche's strategic focus on advancing innovative therapies for patients affected by overweight, obesity, and related health challenges such as MASH. The drug pegozafermin is designed to address critical unmet medical needs in moderate to severe MASH patients and has a favorable safety profile.
89bio initiated a Phase III trial for pegozafermin earlier this year, aiming for accelerated approval for patients with non-cirrhotic MASH. The deal also positions Roche to compete in the rapidly evolving MASH treatment market, currently led by therapies such as Madrigal Pharmaceuticals’ Rezdiffra and Novo Nordisk’s Wegovy, both recently approved for MASH.
Following the acquisition, 89bio employees will join Roche’s Pharmaceuticals Division, integrating their expertise into Roche’s broader cardiovascular, renal, and metabolic disease research and development efforts.
This acquisition marks a significant move by Roche to expand its presence in the obesity and metabolic disease market, reflecting the growing demand for effective treatments addressing the complex health issues associated with obesity worldwide.
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