Roche has made a significant move in the metabolic and liver disease space by agreeing to acquire 89bio, a San Francisco-based biotech, in a deal worth up to $3.5 billion. The acquisition centers on 89bio’s leading drug candidate, pegozafermin, a fibroblast growth factor 21 (FGF21) analogue currently in two Phase III trials for treating metabolic dysfunction-associated steatohepatitis (MASH). Roche will pay $14.50 per share upfront with additional contingent payments tied to commercial milestones. This move solidifies Roche's ambition to lead in cardiovascular and metabolic disease treatments and builds on its recent investments in this field. Pegozafermin has shown promise in reversing liver fibrosis and inflammation associated with MASH, addressing a high unmet medical need. The acquisition is expected to close in late 2025, positioning Roche to compete in this emerging market.