Roche has agreed to acquire 89bio for up to $3.5 billion, marking its first deal of the year and a significant investment in the metabolic dysfunction-associated steatohepatitis (MASH) space. The Swiss pharma will pay $14.50 per share in cash, totaling an equity value of $2.4 billion plus up to $6 per share in contingent value rights. The acquisition centers on 89bio’s pegozafermin, a late-stage candidate targeting liver inflammation and fibrosis driven by obesity, a condition that can progress to cirrhosis and liver cancer. This strategic move underscores Roche's commitment to expanding its presence in cardiometabolic diseases, an area of rising clinical focus due to unmet patient needs.