Roche Holding (SIX:RO) said on Thursday it had entered a definitive agreement to buy U.S. listed biopharma firm 89bio Inc (NASDAQ:ETNB) for an equity value of $2.4 billion, with the deal aimed at the latter’s portfolio of renal disease treatments.
Roche said it will offer $14.50 in cash for each 89bio share, representing a 79.5% premium to 89bio’s Wednesday close.
Roche said 89bio shareholders will also receive a non-tradeable contingent value right for up to $6 per share, giving the deal a total value of about $3.5 billion.
The Swiss firm said its interest in 89bio was tied largely to the company’s late-stage FGF21 treatment for metabolic dysfunction-associated steatohepatitis, a liver disease.
Roche said that the deal will also help further build out Roche’s treatments in cardiovascular, renal, and metabolic diseases, and that 89bio’s drugs had potential synergies with its own offerings.
The company said 89bio employees will join Roche’s pharmaceuticals division. The deal was also unanimously approved by both Roche’s and 89bio’s boards.
The deal is expected to close in the fourth quarter of 2025.
Source :
https://www.investing.com/news/stock-market-news/swiss-pharma-giant-roche-to-buy-uslisted-89bio-for-24-bln-in-cash-4243787
