M&A · Healthcare · Pharmaceutical Preparations
Roche Holdings Inc to acquire 89bio, Inc.
Announced Sep 18, 2025 · Closed Oct 30, 2025
Deal value$2.40BEV $2.31B
Premium79.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$14.50 per share
Transaction
- Acquirer
- Roche Holdings Inc
- Target
- 89bio, Inc. (ETNB)
- Buyer type
- Strategic
- Offer price per share
- $14.50
- Enterprise value
- $2.31B
- Status
- Closed Oct 30, 2025
Deal protections
- Break fee (target pays)
- $79.9M · 3.3%
- Reverse fee (buyer pays)
- $79.9M · 3.3%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup
- To the target
- Moelis, Centerview
- Moelis fee
- $1.0M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 79.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.3% vs. 3.4% sector median
Timeline
- AnnouncedSep 18, 2025
- Tender offerOct 1, 2025
- ClosedOct 30, 2025
Valuation · fairness opinions
Discounted cash flow$12.53$16.09
Offer $14.50
Implied value per 89bio, Inc. share by analysis, from Moelis.