TWiBD: Roche to buy 89bio for up to $3.5B — Pegozafermin’s FGF21 bet goes big

September 15-19, 2025

Author

BN Plummer
September 19, 2025

BD leaders rely on This Week in BD (TWiBD) for a crisp, curated scan of the week’s most consequential M&A and licensing moves—built for quick read, faster action, and fewer surprises.

Each edition prioritizes what matters: who bought or licensed what, why it’s strategic, and how the economics stack up

Deal of the Week: Roche and 89bio: Acquisition of Pegozafermin—press release

Roche is acquiring 89bio and its Phase 3 FGF21 analog pegozafermin for MASH and severe hypertriglyceridemia, positioning a late‑stage metabolic asset inside a global primary‑care and specialty footprint.

  • Structure: Acquisition of 89bio, including lead FGF21 analog pegozafermin

  • Stage/Modality: Phase 3 fibroblast growth factor 21 analog for metabolic diseases

  • Financials: $2.4B upfront, up to $1.1B milestones, total value $3.5B

Notable Deals

Monte Rosa and Novartis: Big Bet on Molecular Glue Degraders—press release

Monte Rosa and Novartis will develop molecular glue degraders for immune‑mediated diseases, with Novartis getting an exclusive license to one discovery target and options on two preclinical programs.

  • Structure: Collaboration and exclusive license with options

  • Stage/Modality: Discovery-stage molecular glue degraders for immune diseases

  • Financials: $120M upfront, up to $5.7B milestones, high single–low double-digit royalties

CSL and VarmX: Option Agreement for Bleeding Disorder Biologics—press release

CSL partners with VarmX on VMX‑C001 for patients on factor Xa inhibitors who need urgent surgery or experience severe bleeding, with an exclusive option to acquire the company.

  • Structure: Strategic collaboration with exclusive option to acquire VarmX

  • Stage/Modality: Phase 3 recombinant protein for urgent reversal of FXa inhibitors

  • Financials: $117M upfront, $388M clinical milestones, $1.7B sales milestones (total $2.1B)

Mabwell and Kalexo Bio (Aditum): siRNA JV for Cardiovascular Disease—press release

Aditum and Mabwell formed Kalexo Bio to develop 2MW7141, a dual‑target siRNA for lipid management and high‑risk ASCVD event prevention, under an exclusive global license.

  • Structure: Exclusive license + newco formation

  • Stage/Modality: Preclinical dual-target siRNA

  • Financials: $12M upfront, up to $1B milestones, equity in Kalexo, tiered royalties

Exelixis and Adagene: SAFEbody Collaboration Expanded—press release

Exelixis expands its SAFEbody collaboration with Adagene to develop a third masked ADC against a solid tumor target.

  • Structure: Expansion of existing license and collaboration

  • Stage/Modality: Preclinical masked ADC for solid tumors

  • Financials: Development milestones + royalties (undisclosed)

Biocytogen and Tubulis: ADC Innovator Locks in Antibody—press release

Tubulis secured a prized Biocytogen antibody to fuel its ADC pipeline. Call it one bullet, hopefully one target — but with ADC valuations lately, that could be more than enough.

  • Structure: Global exclusive license for a single antibody

  • Stage/Modality: ADC in discovery

  • Financials: Upfront + milestones (undisclosed), single-digit royalties

Tonix and UMass Chan: Monoclonal Antibody for Lyme Prevention—press release

Tonix in‑licenses TNX‑4800, a monoclonal antibody designed for annual spring dosing to protect against Lyme disease through the fall.

  • Structure: In-licensing agreement

  • Stage/Modality: Phase 2/3-ready monoclonal antibody for Lyme disease

  • Financials: Not disclosed

VectorY and Shape: Options on Vectorized Neuro Antibodies—press release

VectorY secures an exclusive option to Shape’s deep‑brain penetrating AAV5‑derived capsid for vectorized antibodies across three neurodegeneration targets.

  • Structure: Option and license agreement

  • Stage/Modality: Preclinical AAV5-derived CNS capsid platform

  • Financials: Upfront plus milestones up to $1.2B, royalties tiered

TWiBD Weekly Book Recommendation

Never Split the Difference: Negotiating As If Your Life Depended On It―Unlock Your Persuasion Potential in Professional and Personal Life 
by Chris Voss

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