Roche’s $3.5B Bet on 89bio (ETNB) – Stock Soars to New Highs as NASH Breakthrough Looms
Recent Developments and News (Nov 2025) 89bio has dominated biotech headlines in late 2025 due to Roche’s takeover move. On October 30, 2025, Roche announced it had successfully completed a tender offer for 89bio at $14.50/share + a $6.00 CVR, and would immediately merge 89bio into its subsidiary roche.com investing.com. By acquiring over 60% of shares in the tender (and securing another ~27% via guaranteed delivery), Roche was able to execute a short-form merger without a shareholder vote investing.com investing.com. All remaining ETNB shares will convert into the same $14.50 + CVR deal, and 89bio’s stock will cease trading on Nasdaq investing.com