Roche has agreed to acquire 89bio in a deal potentially worth up to $3.5 billion, acquiring pegozafermin, a late-stage Phase 3 candidate targeting metabolic dysfunction-associated steatohepatitis (MASH). The upfront $2.4 billion payment includes a 52% premium over the recent price, with contingent payments tied to regulatory and commercial milestones. Pegozafermin aims to reduce liver fat, inflammation, and fibrosis, addressing a disease affecting millions and a leading cause of liver-related morbidity. Roche’s move intensifies competition in the MASH drug space, complementing recent FDA approvals and other late-stage candidates. The acquisition highlights Roche’s commitment to expanding its cardiometabolic portfolio amid high unmet medical need.