Roche to buy 89bio in deal worth up to $3.5B, picking up MASH drug

The Swiss company said the 89bio candidate could complement its obesity pipeline

(Sep 18, 2025) by Andrew Joseph.

LONDON — Roche on Thursday said it would buy 89bio, the maker of an experimental drug for a liver disease that’s attracted increasing pharma interest, in a deal worth up to $3.5 billion.

The Swiss pharma said it would pay $14.50 per share in cash for the biotech, a nearly 80% premium on 89bio’s closing price on Wednesday, amounting to an equity value of $2.4 billion. Shareholders will also receive a contingent value right worth up to $6 per share.