Roche Acquires 89bio for $3.5B, Triggering 83% Stock Surge

Swiss pharmaceutical giant Roche has agreed to acquire U.S. biotech firm 89bio in a deal worth up to $3.5 billion, including contingent payments. The acquisition sent 89bio's stock soaring 83% in pre-market trading as investors reacted to the premium offer of $14.50 per share—a 79% uplift from its previous close.

The deal includes a non-tradeable contingent value right (CVR) that could add up to $6.00 per share if development milestones are met. Roche's MOVE bolsters its pipeline in liver and cardiometabolic treatments, particularly through 89bio's late-stage drug pegozafermin, an FGF21 analogue targeting metabolic dysfunction-associated steatohepatitis.

This acquisition follows Roche's earlier purchase of obesity therapy rights from Zealand Pharma, underscoring its aggressive expansion in specialty therapeutics. Market observers note the transaction reflects continued confidence in biotech valuations despite broader sector volatility.