Roche to Acquire 89bio for Up to $3.5 Billion, Gaining Phase 3 FGF21 Analog Pegozafermin for MASH

On September 18, 2025, Roche announced that it had reached a formal acquisition agreement with 89bio.Acquisition of 89bio and Its Leading FGF21 Analog Drug – Pegozafermin89bio's pegozafermin is an FGF21 analog currently in late-stage development for MASH in patients with moderate to severe fibrosis (F2 and F3 stages) as well as cirrhosis (F4 stage).

The terms of this acquisition agreement include Roche acquiring all outstanding shares of 89bio for $14.50 per share in cash.The total transaction amount is approximately 2.4 billion US dollars.In addition, shareholders of 89bio will also receive a non-tradable contingent value right (CVR) of up to $6.00 per share, which could bring the total value of the transaction to...$3.5 billion. This price represents a premium of approximately 52% over the 60-day weighted average share price of 89bio as of September 17, 2025.

89bio is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies for liver and cardiometabolic diseases. Its research and developmentPegozafermin is an FGF21-class drug currently in Phase 3 clinical trials, focusing on the treatment of moderate to severe metabolic dysfunction-associated steatohepatitis (MASH)., particularly in patients with F2 and F3 stage liver fibrosis, as well as those with F4 stage cirrhosis. As one of the common obesity-related comorbidities, MASH poses an increasingly severe challenge to global health. With its anti-fibrotic and anti-inflammatory effects, pegozafermin is expected to become the "best treatment" for MASH.

The role of FGF21 as a key metabolic regulator makes it a promising target for liver and cardiac metabolic diseases; however, the short half-life of endogenous FGF21 makes it unsuitable for therapeutic use. Pegozafermin employs a unique glyco-PEGylation technology to optimize its bioactivity and half-life. Its distinct mechanism holds the potential to become the best-in-class therapy for treating patients with moderate to severe hepatic fibrosis (F2/F3 stage) and cirrhotic MASH (F4 stage).

In clinical trials, pegozafermin has demonstrated improvement in liver histology, reduction in liver fat, and broad metabolic benefits in MASH patients, as well as lowering triglycerides in SHTG patients, addressing key drivers of morbidity and mortality in cardiometabolic disease patients.

In addition, the existing employees of 89bio will join Roche's pharmaceuticals division to continue advancing the research and development of related treatments.

This transaction is expected to be completed in the fourth quarter of 2025, with a total value of up to 3.5 billion U.S. dollars, further strengthening Roche's strategic layout in the fields of cardiovascular, renal, and metabolic diseases.

       Title: $24+11 Billion! Roche Acquires 89bio, Betting on Phase 3 FGF21 Analog in the MASH Field