Biotech Values

[DewDiligence]

Roche acquires ETNB for $14.50/sh cash+CVR—a 79% premium to yesterday's close (excluding the CVR):

https://www.globenewswire.com/news-release/2025/09/18/3152147/0/en/89bio-Inc-Announces-Agreement-to-be-Acquired-by-Roche.html

The CVR is non-tradable and consists of three parts:

• $2.00 per share in cash, upon the first commercial sale of pegozafermin in F4 MASH cirrhotic patients (by March 31, 2030);

• $1.50 per share in cash, upon pegozafermin reaching annual net sales globally of at least US $3.0 billion in any calendar year (by December 31, 2033);

• $2.50 per share in cash, upon pegozafermin reaching annual net sales globally of at least US $4.0 billion in any calendar year (by December 31, 2035).

The nominal deal value excluding the CVR is $2.4B.