StoryPartnership
Roche agrees to buy 89bio for up to $3.5B to gain pegozafermin, a phase 3 MASH drug
Roche agreed to acquire 89bio for $14.50 per share in cash (about $2.4B) plus a contingent value right of up to $6 per share, for up to $3.5B in total. The prize is pegozafermin, a long-acting FGF21 hormone analog in phase 3 for MASH with moderate to severe fibrosis and compensated cirrhosis. Roche sees it as a partner for its incretin obesity drugs.
- CVR: $2.00 for a cirrhosis launch by Mar 2030; $1.50 at $3B annual sales by 2033; $2.50 at $4B by 2035.
- About 52% premium to 89bio's 60-day average price.
- Also in development for severe hypertriglyceridemia.