Roche to Acquire 89bio and Phase 3 MASH Candidate in Potential $3.5B Deal

Roche has entered a definitive merger agreement to acquire 89bio for a total equity value of approximately $2.4 billion. Stockholders would also receive a contingent value right (CVR), representing a total deal value of up to approximately $3.5 billion.

89bio is clinical-stage biopharma company pioneering therapies for the treatment of liver and cardiometabolic diseases. Pegozafermin is a FGF21 analog currently in late-stage development for MASH in moderate and severe fibrotic patients as well as cirrhotic patients. The transaction, subject to customary closing conditions, is expected to close in 4Q25.

Pegozafermin offers a distinct mechanism of action that holds the potential for enhanced efficacy and tolerability as well as opportunities for future combination development with incretins, creating synergies with Roche’s CVRM portfolio. 

“This acquisition further strengthens our portfolio in cardiovascular, renal, and metabolic diseases and offers opportunities to explore combinations with existing programmes in our pipeline,” said Thomas Schinecker, Roche Group CEO. “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. With its combined anti-fibrotic and anti-inflammatory mechanism, pegozafermin could potentially offer best-in-disease efficacy for all moderate to severe MASH patients.”

Current 89bio employees will join the Roche Group as part of Roche’s Pharmaceuticals Division.