By Fineline Cube 
Roche (SWX: ROG, OTCMKTS: RHHBY) announced today that it will acquire 89bio, Inc. (NASDAQ: ETNB) in a cash‑only transaction valued at $14.50 per share. The deal, which will create a $2.4 billion tender offer and offer up to $6.00 per share in contingent value rights (CVR), could lift the total equity value to $3.5 billion on a fully diluted basis.
Deal Structure
- Cash consideration: $14.50/share → $2.4 billion total.
- Contingent Value Rights: up to $6.00/share if 89bio meets specified milestones.
- Maximum transaction value: ~$3.5 billion (fully diluted).
89bio’s Therapeutic Focus
89bio is a clinical‑stage biopharmaceutical company dedicated to developing best‑in‑class treatments for liver and cardiometabolic diseases that lack effective options today. Its lead product, pegozafermin, is a glycoPEGylated fibroblast growth factor 21 (FGF21) analog engineered to extend half‑life and enhance potency.
- Phase III trials:
- Metabolic Dysfunction‑Associated Steatohepatitis (MASH) with advanced fibrosis (including compensated cirrhosis).
- Severe Hypertriglyceridemia (SHTG).
Strategic Rationale
- Roche’s portfolio expansion into unmet liver disease needs, complementing its existing metabolic and oncology platforms.
- Access to 89bio’s proprietary pegozafermin and its advanced delivery technology, positioning Roche to capture a growing market for MASH and SHTG therapies.
- Potential upside from CVR milestones aligns 89bio’s success with Roche’s long‑term value creation.
Market Impact
The acquisition underscores Roche’s continued pursuit of high‑growth, high‑impact therapeutic areas, while 89bio’s pipeline addresses a critical gap in liver and cardiometabolic care. Investors will watch the milestone thresholds closely, as they could unlock significant additional value for shareholders.-Fineline Info & Tech