Roche’s $3.5B Bet on 89bio (ETNB) – Stock Soars to New Highs as NASH Breakthrough Looms
Roche completed its $3.5 billion acquisition of 89bio on Oct. 29, 2025, paying $14.50 per share in cash plus up to $6.00 per share in milestones. ETNB stock hit a 52-week high of $15.06 after the deal, reflecting a 52% premium. 89bio’s lead drug, pegozafermin, is in Phase 3 trials for MASH and SHTG. The company remains pre-revenue, reporting a $149 million net loss over the past year.
