Core Viewpoint - Roche has entered into a definitive merger agreement to acquire 89bio, Inc., a clinical-stage biopharmaceutical company focused on innovative therapies for liver and cardiometabolic diseases, with the transaction expected to close in Q4 2025 [1][10]. Group 1: Acquisition Details - Roche will commence a tender offer to acquire all outstanding shares of 89bio at a price of US$14.50 per share in cash, plus a non-tradeable contingent value right (CVR) for milestone payments of up to US$6.00 per share, representing a total equity value of approximately US$2.4 billion and a total deal value of up to US$3.5 billion [5][8]. - The acquisition price represents a premium of approximately 52% to 89bio's 60-day volume-weighted average price (VWAP) as of September 17, 2025 [5]. Group 2: Strategic Rationale - The acquisition enhances Roche's portfolio in cardiovascular, renal, and metabolic diseases (CVRM) and provides opportunities for future combination development with existing programs [2][3]. - Pegozafermin, 89bio's lead candidate, is positioned to potentially deliver best-in-disease efficacy for moderate to severe Metabolic Dysfunction-Associated Steatohepatitis (MASH) patients, addressing critical unmet needs in this area [3][8]. Group 3: Employee Integration - Current employees of 89bio will join Roche's Pharmaceuticals Division as part of the acquisition [4]. Group 4: Milestone Payments - The non-tradeable CVR will entitle holders to contingent cash payments based on the achievement of specific commercial milestones, including US$2.00 per share upon the first commercial sale of pegozafermin in F4 MASH cirrhotic patients by March 31, 2030 [7][17].

Core Insights - Altimmune, Inc. announced positive results from the IMPACT Phase 2b trial for pemvidutide, indicating its potential as a differentiated therapy for Metabolic Dysfunction-Associated Steatohepatitis (MASH) with statistically significant MASH resolution and weight loss at 24 weeks [1][3][11] - The company is preparing for an End-of-Phase 2 Meeting with the FDA, expected in Q4 2025, to discuss the next steps for pemvidutide's development [5][11] - Financial results show a cash position of $183.1 million as of June 30, 2025, reflecting a 39% increase from the previous year [4][8] Clinical Trial Results - The IMPACT Phase 2b trial reported that up to 59.1% of patients receiving pemvidutide experienced statistically significant MASH resolution without worsening fibrosis [4] - Improvements in corrected T1 (cT1), a marker of liver inflammation and fibrosis, were observed, with mean decreases of 145.0 ms and 147.9 ms in the pemvidutide 1.2 mg and 1.8 mg groups, respectively, compared to a decrease of 27.5 ms in the placebo group [4][11] - Statistically significant weight loss of up to 6.2% was recorded at 24 weeks, with a trajectory indicating continued weight loss [4][11] Financial Overview - For the second quarter ended June 30, 2025, Altimmune reported a net loss of $22.1 million, or $0.27 per share, an improvement from a net loss of $24.6 million, or $0.35 per share, in the same period in 2024 [8][17] - Research and development expenses decreased to $17.2 million from $21.2 million year-over-year, attributed to the timing of clinical trial costs [8][17] - General and administrative expenses remained stable at approximately $5.7 million [8][17] Future Developments - The company plans to report full 48-week data from the IMPACT trial in Q4 2025, which will provide further insights into the long-term efficacy and safety of pemvidutide [3][4] - Altimmune has initiated two additional Phase 2 trials: RECLAIM for Alcohol Use Disorder (AUD) and RESTORE for Alcohol-Associated Liver Disease (ALD), both expected to enroll around 100 subjects [9][11]