On October 1, 2025, Roche announced the commencement of a tender offer to acquire all outstanding shares of common stock of 89bio, Inc. This action follows the previously announced merger agreement dated September 17, 2025, between the two companies.
Under the terms of the tender offer, 89bio shareholders are offered $14.50 per share in cash, along with a non-tradeable contingent value right (CVR) that could provide up to an additional $6.00 per share in cash upon the achievement of specified milestones. This offer aligns with the total transaction equity value of up to approximately $3.5 billion.
The tender offer is a necessary procedural step towards the completion of the acquisition, which is expected to finalize in the fourth quarter of 2025. This development indicates that the integration of 89bio's lead asset, pegozafermin, into Roche's pipeline is progressing as anticipated.
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