Pharma BD Deal Intelligence
Roche on Thursday agreed to acquire 89bio, wagering that a medicine the biotechnology company is developing could offer a new way to treat a common liver…
Roche is buying 89bio to get pegozafermin, a drug currently in two Phase 3 studies for the fatty liver disease MASH. Beyond the $2.4 billion payable when the…
Regulatory documents show how 89bio's board pushed Roche hard for a deal valued at $20 per share in upfront and milestone payments. The success of Akero…
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Roche acquired 89bio (Nasdaq: ETNB) in an all-cash tender offer announced September 17/18, 2025, paying $14.50 per share in cash (~$2.4 billion equity value) plus a non-tradeable contingent value right (CVR) of up to $6.00 per share (~$1.1 billion) tied to commercial milestones, for a total potential transaction value of approximately $3.5 billion. The deal gives Roche pegozafermin, a Phase 3 glycoPEGylated FGF21 analog, marking Roche's entry into metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). Roche's tender offer expired October 29, 2025 and was not extended; the merger closed October 30, 2025, with 89bio becoming a wholly owned subsidiary of Roche and delisting from Nasdaq. Pegozafermin's Phase 3 ENLIGHTEN program (ENLIGHTEN-Fibrosis topline expected H1 2027; ENLIGHTEN-Cirrhosis 2028) continues under Roche, alongside the Phase 3 ENTRUST trial in SHTG.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Roche Holding AG / 89bio Inc. (this deal) | 2025 | $3.5B | 60 |
| Roche Holding AG / Chugai Pharmaceutical Co. Ltd. | 2002 | $1.4B | 100 |
| Roche Holding AG / Ventana Medical Systems Inc. | 2008 | $3.4B | 88 |
| Roche Holding AG / Corange Ltd. (Boehringer Mannheim Group) | 1997 | $11.0B | 88 |
| Roche Holding AG / Ventana Medical Systems Inc. | 2007 | $3.4B | 88 |
| Roche Holding AG / Foundation Medicine, Inc. | 2015 | $1.1B | 87 |
| Roche Holding AG / Foundation Medicine, Inc. | 2018 | $5.3B | 85 |
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More: 2025 deals · Roche Holding AG deals · Gastroenterology deals