Pharma BD Deal Intelligence
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.