top of page

Roche Buys 89bio (ETNB), Big Bet on MASH

  • Writer: BPIQ
    BPIQ
  • Sep 25
  • 1 min read

Roche is stepping into the MASH/NASH race. The company will acquire 89bio (ETNB) for $14.50/share in cash (~$2.4B equity value). On top of that, shareholders get a CVR worth up to $6.00/share, bringing the total potential deal value to $3.5B.

 

The Asset

The prize is pegozafermin (pego), 89bio’s lead program for MASH/NASH.

  • Pego is a glycoPEGylated FGF21 analog.

  • Designed to drive weight loss, reduce liver fat, and improve fibrosis.

 

Deal Terms

  • Cash upfront: $14.50/share.

  • CVR upside: $6/share (≈45%).

    • $2.00 if pego hits first commercial sale in F4 MASH cirrhosis (by Mar 2030).

    • $1.50 if annual global sales ≥ $3B (by 2033).

    • $2.50 if annual global sales ≥ $4B (by 2035).

  • Premium: 52% over ETNB’s 60-day VWAP.

Clear message: Roche sees blockbuster potential.

 

Peer Watchlist

MASH/NASH tickers to track:

AKRO, ALT, CYDY, GALT, HEPA, IVA, MDGL, VKTX, GNFT?, TERN?

And now, Roche (RHHBY) joins the list.

 

Takeaway

Roche just validated the MASH/NASH field with a multi-billion dollar deal + rich CVR. The spotlight now shifts to AKRO and other peers as the space heats up ahead of major Phase 3 data.

 


9/23/25 Article posted (EJV, AV)


This article is not investment, legal or tax advice. Investing in smid-cap biopharma stocks is risky. Past stock performance does not guarantee future performance. This post is not investment advice. Please do your own diligence and consult a financial professional before making any stock investment decisions.


Comments

bottom of page