Roche’s wholly owned subsidiary, Bluefin Merger Subsidiary, Inc., accepted all shares tendered in the $14.50 per share cash offer for 89bio, plus a contingent value right that could provide up to $6.00 per share in milestone payments.
The acceptance of every tendered share, representing 60.49% of 89bio’s outstanding shares, cleared the Hart‑Scott‑Rodino waiting period and moved the transaction toward final closing.
The transaction values 89bio at up to $3.5 billion, including the contingent value right, and gives Roche full ownership of the company, which will be integrated into Roche’s Cardiovascular, Renal and Metabolic Diseases (CVRM) portfolio.
89bio’s lead drug candidate, pegozafermin, a late‑stage FGF21 analog, is being developed for metabolic dysfunction‑associated steatohepatitis (MASH) and severe hypertriglyceridemia. Roche cited the drug’s anti‑fibrotic and anti‑inflammatory properties and its potential to complement Roche’s existing pipeline as key strategic drivers.
The contingent value right is tied to milestones such as the first commercial sale of pegozafermin and sales targets, with some payments expiring in March 2030 and others linked to sales through 2033.
Upon completion, 89bio became a wholly owned subsidiary of Roche and its shares ceased trading on the Nasdaq Global Market.
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