Roche To Acquire 89bio For $2.4 Billion In Liver And Cardiometabolic Push

Acquisition Overview - Roche Holdings AG has agreed to acquire 89bio, Inc. for $2.4 billion, focusing on therapies for liver and cardiometabolic diseases [1] - The acquisition price is set at $14.50 per share, reflecting a 79% premium over 89bio's closing stock price on September 17, 2025, and a 52% premium over its 60-day volume-weighted average price [2] Contingent Value Rights (CVR) - 89bio stockholders will receive a non-tradeable CVR, allowing for contingent payments of up to $6.00 per share based on specific milestones, bringing the total transaction equity value to approximately $3.5 billion on a fully diluted basis [3] - The CVR includes payments of $2.00 per share upon the first commercial sale of pegozafermin in F4 MASH cirrhotic patients, $1.50 per share upon reaching annual net sales of $3.0 billion, and $2.50 per share upon reaching annual net sales of $4.0 billion [5] Product Development - 89bio's pegozafermin, an FGF21 analog, is in late-stage development for MASH in moderate to severe fibrotic patients and cirrhotic patients [4] - Roche aims to enhance its pipeline targeting metabolic diseases through this acquisition, with potential best-in-disease efficacy for moderate to severe MASH patients [5] Market Reaction - Following the announcement, 89bio's stock price increased by 85.15%, reaching $14.97 [6]