Roche Holding AG announced it has commenced a tender offer to acquire all outstanding shares of 89bio, Inc. for $14.50 per share in cash. In addition, shareholders of 89bio will receive a non-tradeable contingent value right $(CVR)$ that could provide up to an additional $6.00 per share in cash if certain milestones are achieved. The tender offer follows a previously announced merger agreement between the companies. According to Roche, the offer period is set to expire at one minute after 11:59 p.m. New York City time on October 29, 2025, unless extended. Any remaining shares not acquired in the tender offer will be acquired in a subsequent merger at the same price and terms. Roche expects the transaction to close in the fourth quarter of 2025.