Roche sets sights on cirrhosis, MASH combinations with $2.4B takeout of 89bio 

Roche’s decision to acquire 89bio and its metabolic-associated steatohepatitis therapy pegozafermin for $2.4 billion marks the second takeout of an FGF21 analog for the indication this year. It also signals confidence that the commercial opportunity for MASH therapies beyond incretins can persist in the evolving clinical landscape, especially in the more advanced stage 4 setting.

Roche (SIX:ROG; OTCQX:RHHBY) will pay $14.50 per share of 89bio Inc. (NASDAQ:ENTB), representing a 79% premium over Wednesday’s closing price of $8.08. The terms also include a CVR of up to $6 per share, $2 of which is tied to the first commercial sale of pegozafermin for F4 MASH, or cirrhosis. In aggregate, the CVR could add $1 billion to the acquisition price...