Roche Holding AG will acquire biopharmaceutical company 89bio, Inc. for up to $3.5 billion, the latest move by the Swiss drugmaker to enter the booming market to treat patients with obesity and related illnesses.
San Francisco-based 89bio is developing innovative therapies for liver and cardiometabolic diseases, Roche said in a statement. A key drug in late-stage development is pegozafermin, which allows for a potentially best-in-disease treatment for moderate to severe Metabolic Dysfunction-Associated Steatohepatitis — or MASH — one of obesity’s most prevalent comorbidities.
MASH develops when fat builds up in the liver, causing inflammation and potentially leading to more serious conditions like cirrhosis and cancer.
Roche will buy 89bio for $14.50 per share in cash at closing, representing a total equity value of approximately $2.4 billion. Stockholders will also receive a non-tradeable contingent value right for up to an aggregate of $6.00 per share in cash, for a total deal value of as much as roughly $3.5 billion.
Roche is seeking to catch up with Novo Nordisk A/S and Eli Lilly & Co., makers of multibillion-dollar blockbusters Wegovy and Zepbound. The firm aims to fast-track its experimental obesity drugs, which have delivered mixed data in smaller studies, toward the crucial last stage of clinical development.
Roche’s biggest recent deals have been in obesity, with the Basel-based company forming a $5.3 billion partnership with Zealand Pharma A/S earlier this year. It followed 2023’s $3.1 billion acquisition of Carmot Therapeutics Inc.
Roche also hired Novo senior executive Morten Lammert as global therapeutic area head for cardiovascular, renal and metabolism earlier this year to aid its push into the obesity market.
The 89bio deal is expected to close in the fourth quarter of 2025.
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