Roche is acquiring 89bio for $2.4 billion upfront with up to $1.1 billion in milestone payments for pegozafermin, a late-stage FGF21 analog targeting metabolic dysfunction-associated steatohepatitis (MASH). The acquisition positions Roche in the competitive MASH therapy landscape amid growing demand for treatments addressing liver inflammation and fibrosis linked to obesity. The phase III trial for pegozafermin began in 2024, with promising phase II results showing fibrosis benefit. This deal marks a significant pharmaceutical investment in cardiometabolic and liver disease therapeutics.