Roche enters into a definitive merger agreement to acquire 89bio, and its phase 3 FGF21 analog for the therapy of moderate to severe MASH

Roche announced a definitive merger agreement to acquire 89bio for US$14.50 per share in cash plus a non-tradeable CVR of up to US$6.00 per share, valuing the deal at up to roughly US$3.5 billion. The acquisition centers on pegozafermin, a glycoPEGylated FGF21 analog in Phase 3 development for moderate to severe MASH, including fibrotic (F2/F3) and cirrhotic (F4c) patients. Roche framed the deal as an entry into MASH with potential best-in-disease efficacy and possible combination development with incretins; closing was expected in Q4 2025.