Shots:
- Roche has entered into a definitive merger agreement to acquire 89bio, incl. its lead asset pegozafermin (FGF21 analog) for metabolic dysfunction-associated steatohepatitis, expanding cardiovascular, renal, & metabolic disease portfolio
- As per the deal, Roche will acquire 89bio for $14.5/share in an all-cash transaction totaling ~$2.4B, along with one non-tradeable CVR up to an aggregate of $6/share, representing the total deal value of ~$3.5B
- CVR holders will receive $2/share on first pegozafermin sale in F4 MASH cirrhosis (by 31 Mar 2030), $1.5/share if global sales reach ≥ $3B (by 31 Dec 2033), & $2.5/share if sales reach ≥ $4B (by 31 Dec 2035); upon completion in Q4’25, Roche will acquire remaining shares via second-step merger
Ref: Roche | Image: 89bio | Press Release
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