- 89bio, Inc. announced an agreement to be acquired by Roche for up to **$20.50 per share** in cash, comprising **$14.50 per share** at closing and a non-tradeable contingent value right (CVR) for up to an additional **$6.00 per share**.  **[1785173_0001193125-25-206747_d143212dex991.htm:0]** **[1785173_0001193125-25-206747_d143212d8k.htm:1]** 
- The transaction represents a total equity value of up to approximately **$3.5 billion** and a premium of approximately **79%** to 89bio's closing stock price on September 17, 2025.  **[1785173_0001193125-25-206747_d143212dex991.htm:0]** 
- The CVR payments are contingent upon achieving specific milestones: **$2.00 per share** for the first commercial sale of pegozafermin in F4 MASH cirrhotic patients by March 31, 2030; **$1.50 per share** for global annual net sales of at least **$3.0 billion** by December 31, 2033; and **$2.50 per share** for global annual net sales of at least **$4.0 billion** by December 31, 2035.  **[1785173_0001193125-25-206747_d143212dex991.htm:0]** **[1785173_0001193125-25-206747_d143212dex991.htm:1]** **[1785173_0001193125-25-206747_d143212d8k.htm:6]** 
- The tender offer is expected to commence no later than **October 1, 2025**, and the transaction is anticipated to close in the **fourth quarter of 2025**.  **[1785173_0001193125-25-206747_d143212dex991.htm:1]** **[1785173_0001193125-25-206747_d143212d8k.htm:1]**

89bio to be Acquired by Roche

- 89bio's lead asset, **pegosafirmin**, is advancing in its **Phase 3 ENLIGHTEN study** for NASH (F2/F3 fibrosis and F4 cirrhosis), with **over 250 sites activated across 20+ countries**.  **[1785173_tx_381236_1]** 
- Pegosafirmin is positioned as a **differentiated FGF21** with the **best relative risk reduction in fibrosis benefit** among competitors, lower GI events, and potential for **once-every-two-weeks dosing** and **GLP-1 co-formulation**.  **[1785173_tx_381236_5]** 
- The company anticipates **results in Q1 2026** for its fully enrolled study in **Severe Hypertriglyceridemia (SHTG)**, with plans to file it as a supplemental BLA.  **[1785173_tx_381236_7]** **[1785173_tx_381236_8]** 
- 89bio is exploring **additional indications** for pegosafirmin, such as other liver cirrhosis conditions and various fibrotic diseases, and is open to **partnerships** to support these efforts.  **[1785173_tx_381236_9]**

89bio (ETNB)