Bloomberg Law
March 24, 2023, 7:32 PM

Biotech 89Bio Tops $1 Billion Value on Liver Treatment Hopes

Ana Teresa Sola Riviere

89Bio Inc. is poised for its best week in more than five months after revealing promising new data for a treatment of a common liver disease tied to obesity.

Shares soared more than 30% this week, helping it top $1 billion in market value for the first time ever after an experimental medicine dubbed pegozafermin hit its main goal in a mid-stage trial for non-alcoholic steatohepatitis. The biopharmaceutical firm took advantage of the rapid rally, announcing Friday that it was raising $275 million in an upsized secondary offering.

With potential revenue for NASH drugs expected to be in the ...

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