Zhi Tong Cai Jing·2025-09-18 07:40Core Viewpoint - Roche is acquiring 89bio for up to $3.5 billion, marking its entry into the weight loss drug and related therapies market [1][2] Group 1: Acquisition Details - Roche will pay $14.50 per share in cash for 89bio, with a total equity value of approximately $2.4 billion [1] - Shareholders will also receive a non-tradable or valuable right, potentially worth up to $6.00 per share, bringing the total deal value to about $3.5 billion [1] - 89bio's latest closing price was $8.08, with a market capitalization close to $1.2 billion [1] Group 2: Strategic Intent - Roche aims to catch up with Novo Nordisk and Eli Lilly, which produce blockbuster drugs Wegovy and Zepbound, respectively [2] - The company plans to accelerate the development of its experimental weight loss drugs, which have shown mixed results in smaller trials but are moving towards critical clinical development stages [2] - Roche's recent significant transactions have been related to obesity, including a $5.3 billion collaboration with Zealand Pharma A/S and a $3.1 billion acquisition of Carmot Therapeutics Inc. earlier this year [2] Group 3: Leadership and Timeline - Roche has appointed Morten Lammert, a former executive from Novo Nordisk, to lead its global cardiovascular, renal, and metabolic divisions to enhance its entry into the obesity treatment market [2] - The acquisition of 89bio is expected to be completed by the fourth quarter of 2025 [2]