M&A News: Roche, Zentiva & Bausch Health
The latest news on mergers and acquisitions featuring Roche/89Bio, Zentiva, Bausch Health/Durect and. Highlights below.
* Roche To Acquire 89Bio To Up MASH Portfolio in $3.5-Bn-Deal
* Private Equity Firm To Acquire Generics Company Zentiva for $4.8 Bn
* Bausch Health Completes Acquisition of Durect
Roche To Acquire 89Bio To Up MASH Portfolio in $3.5-Bn Deal
Roche has agreed to acquire 89bio, a clinical-stage bio/pharmaceutical company focused on the treatment of liver and cardiometabolic diseases, in a deal worth up to $3.5 billion.
89bio’s lead asset, pegozafermin, is a FGF21 analog currently in late-stage development for treating metabolic dysfunction-associated steatohepatitis (MASH) in moderate and severe fibrotic patients (F2 and F3 stages) as well as cirrhotic patients (F4 stage).
Under the merger agreement, Roche will commence a tender offer to acquire all of the outstanding shares of 89bio common stock at a price of US$14.50 per share in cash at closing, plus a non-tradeable contingent value right (CVR) to receive certain milestone payments of up to an aggregate of $6.00 per share in cash, representing a total equity value of approximately $2.4 billion at closing and representing a total deal value of up to $3.5 billion.
The merger agreement has been unanimously approved by the boards of Roche and 89bio. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of 89bio’s common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Upon closing, current 89bio employees will join the Roche Group as part of Roche’s Pharmaceuticals Division.
Source: Roche
Private Equity Firm To Acquire Generics Company Zentiva for $4.8 Bn
Advent and GTCR, two global private equity firms, have announced the sale of Zentiva, a generics company, by Advent to GTCR, for $4.8 billion.
Zentiva was acquired by Sanofi in 2009 to expand the company’s generics portfolio in Europe. Following a restructuring by Sanofi, it was divested to Advent in 2018 for $2.2 billion. Since then, Advent has invested to expand Zentiva’s portfolio of medicines and manufacturing footprint, both organically and through targeted M&A.
Zentiva provides generic drugs covering a range of therapeutic areas in Europe. Headquartered in Prague, Czech Republic, Zentiva reaches more than 100 million people in over 30 countries across Europe and beyond, according to information from Advent. Zentiva has four wholly owned manufacturing sites and a broad network of external manufacturing partners to ensure supply security.
The transaction is subject to customary regulatory approvals, and closing is expected to take place in early 2026.
Source: Advent
Bausch Health Completes Acquisition of Durect
Bausch Health Companies has completed its acquisition of Durect Corporation, a late-stage bio/pharmaceutical company, in a deal worth up to $413 million ($63 million upfront and $350 million in milestone payments).
The acquisition adds Durect’s lead asset, larsucosterol, an epigenetic modulator with FDA breakthrough therapy designation for the treatment of alcohol-associated hepatitis (AH), to Bausch Health’s hepatology pipeline. A registrational Phase III program is currently being planned to evaluate the safety and efficacy of larsucosterol for the treatment of patients with severe AH. Durect develops epigenetic therapies that target dysregulated DNA methylation for various conditions, including acute organ injury. Larsucosterol binds to and inhibits the activity of DNA methyltransferases, epigenetic enzymes that are elevated and associated with hypermethylation found in AH patients.
Under the agreement, Bausch Health acquired all outstanding shares of Durect for $1.75 per share in cash, representing a total upfront cash payment of approximately $63 million at closing. The transaction also includes the potential for two additional net sales milestone payments of up to $350 million in the aggregate (subject to certain adjustments in respect of a retention plan) if the milestones are achieved before the earlier of the 10-year anniversary of the first commercial sale in the United States and December 31, 2045.
Source: Bausch Health Companies
