Roche’s Metabolic Drug Strategy Extends to the Liver Disease MASH With $2.4B 89bio Acquisition

There are two FDA-approved medications for the metabolic disorder known as MASH. Roche is paying $2.4 billion to acquire 89bio and its late-stage MASH drug, giving the Swiss pharmaceutical giant the chance to bring a third medication and a different mechanism of action to this prevalent fatty liver disease.

According to deal terms announced Thursday, Roche will pay $14.50 for all outstanding 89bio shares, which represents a nearly 80% premium to the stock’s closing price on Wednesday. That price values 89bio at $2.4 billion, but the company’s shareholders have the opportunity to receive more if its drug hits certain milestones.

The main asset of San Francisco-based 89bio is pegozafermin, an experimental treatment for metabolic dysfunction-associated steatohepatitis, or MASH. In this ch