89bio, Inc. (ETNB): $14.87
Market Cap: $2.21B
Deal value: $2.4B
Roche entered a merger agreement on September 18, 2025, to acquire biotech company 89bio in a deal valued at $2.4 billion, aiming to strengthen its drug pipeline by acquiring an experimental treatment for obesity-related liver disease. The deal would help Roche expand in an area linked to the fast-growing weight-loss market, where it has recently made significant progress.
Roche will commence a tender offer to acquire all of the outstanding shares of 89bio common stock for $14.5 per share in cash at closing, plus a non-tradable contingent value right (CVR) that could receive certain milestone payments of up to $6 per share in cash. The upfront cash price of $14.5 represents a 79.46% premium to the stock’s last close.