Roche buys US firm 89bio for up to $3.5 billion

Once the takeover is completed, The employees of 89bio will join Roche's pharmaceutical workforce. Keystone-SDA

Swiss pharma giant Roche is acquiring the California-based liver and cardiovascular disorders specialist 89bio for an initial sum of $2.4 billion (CHF1.9 billion). The Basel-based pharmaceutical giant expects to make additional payments of up to $1.1 billion.

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In particular, the deal enables the Basel-based multinational to get its hands on pegozafermin, which is currently being evaluated by 89bio in a phase III clinical study for the treatment of hepatic steatosis linked to metabolic dysfunction, the two companies said in press releases on Thursday.

The initial offer of $6 per share represents a premium of 52% over the weighted average price of 89bio over the last 60 trading days up to September 17, Roche said. The amount offered exceeds 89bio’s closing price on that date by 79%, notes 89bio.

The two supervisory bodies have already approved the transaction, which should be completed before the end of the year. The employees of 89bio will then join Roche’s pharmaceutical workforce.

Translated from French with DeepL/gw

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