Roche is acquiring 89bio, a clinical-stage biopharmaceutical company, for around $2.4 billion in equity value, potentially reaching $3.5 billion with contingent value rights. This acquisition aims to bolster Roche's presence in cardiovascular, renal, and metabolic diseases, specifically targeting MASH. 89bio's lead drug, pegozafermin, a FGF21 analog, is in late-stage trials for moderate to severe MASH and could be a best-in-disease treatment. The deal involves a tender offer of $14.50 per share in cash, plus a potential $6.00 per share in milestone-based payments (CVR). Pegozafermin could offer anti-fibrotic and anti-inflammatory action. This will provide potential benefit for patients suffering from MASH-related liver fibrosis. The transaction is expected to finalize in the fourth quarter of 2025, pending customary closing conditions. Current 89bio staff will join Roche's Pharmaceuticals Division. This acquisition provides an opportunity for future combinations with incretins, complementing Roche's existing portfolio.