<SEC-DOCUMENT>0001193125-25-257605.txt : 20251030
<SEC-HEADER>0001193125-25-257605.hdr.sgml : 20251030
<ACCEPTANCE-DATETIME>20251030085802
ACCESSION NUMBER:		0001193125-25-257605
CONFORMED SUBMISSION TYPE:	SC 14D9/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251030
DATE AS OF CHANGE:		20251030

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			89bio, Inc.
		CENTRAL INDEX KEY:			0001785173
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				831114349
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 14D9/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91200
		FILM NUMBER:		251432425

	BUSINESS ADDRESS:	
		STREET 1:		655 MONTGOMERY STREET
		STREET 2:		SUITE 1500
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		(415) 432-9270

	MAIL ADDRESS:	
		STREET 1:		655 MONTGOMERY STREET
		STREET 2:		SUITE 1500
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			89bio, Inc.
		CENTRAL INDEX KEY:			0001785173
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				831114349
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 14D9/A

	BUSINESS ADDRESS:	
		STREET 1:		655 MONTGOMERY STREET
		STREET 2:		SUITE 1500
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		(415) 432-9270

	MAIL ADDRESS:	
		STREET 1:		655 MONTGOMERY STREET
		STREET 2:		SUITE 1500
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 14D9/A
<SEQUENCE>1
<FILENAME>d936691dsc14d9a.htm
<DESCRIPTION>SC 14D9/A
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<HTML><HEAD>
<TITLE>SC 14D9/A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE <FONT STYLE="white-space:nowrap">14D-9</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Solicitation/Recommendation Statement </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Under Section&nbsp;14(d)(4) of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. 2) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>89bio, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of
Subject Company) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>89bio, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of
Person Filing Statement) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock, $0.001 par value per share </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class&nbsp;of Securities) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>282559103 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number
of Class&nbsp;of Securities) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Rohan Palekar </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>89bio, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>655
Montgomery Street, Suite 1500 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Francisco, CA 94111 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(415) <FONT STYLE="white-space:nowrap">432-9270</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on Behalf of the Person Filing Statement) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>With copies to: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ryan A. Murr </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Branden C.
Berns </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Evan D&#8217;Amico </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Melanie E. Neary </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gibson,
Dunn&nbsp;&amp; Crutcher LLP </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>One Embarcadero Center, Suite 2600 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Francisco, CA 94111-3715 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(415) <FONT STYLE="white-space:nowrap">393-8373</FONT></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer. </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;2 (this &#8220;Amendment No.&nbsp;2&#8221;) amends and supplements the
Solicitation/Recommendation Statement on Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> (as amended or supplemented from time to time, the &#8220;Schedule <FONT STYLE="white-space:nowrap">14D-9&#8221;)</FONT> previously filed by 89bio, Inc.,
a Delaware corporation (the &#8220;Company&#8221; or &#8220;89bio&#8221;), with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on October&nbsp;1, 2025, relating to the tender offer on Schedule TO filed with the SEC on October 1, 2025
by Roche Holdings, Inc., a Delaware corporation (&#8220;Parent&#8221;) and Bluefin Merger Subsidiary, Inc., a Delaware corporation and wholly owned subsidiary of Parent (&#8220;Merger Sub&#8221;), pursuant to the terms and subject to the conditions
of the Agreement and Plan of Merger, dated as of September 17, 2025 (as it may be amended or supplemented from time to time, the &#8220;Merger Agreement&#8221;), by and among Parent, Merger Sub and 89bio, to purchase all of the outstanding shares of
common stock of 89bio, $0.001 par value per share (the &#8220;Shares&#8221;) at a per Share offer price of (i) $14.50 in cash, without interest less any required withholding taxes, <I>plus</I> (ii) one
<FONT STYLE="white-space:nowrap">non-tradeable</FONT> contingent value right representing the right to receive certain contingent payments of up to an aggregate amount of $6.00 per Share in cash, without interest less any required withholding taxes,
upon the achievement of specified milestones on or prior to the applicable milestone outside dates, subject to and in accordance with the terms of the Contingent Value Rights Agreement entered into with Equiniti Trust Company, LLC, a New York
limited liability trust company, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated October 1, 2025 and the related Letter of Transmittal, as each may be amended or supplemented from time to time. Any capitalized
term used and not otherwise defined herein shall have the meaning ascribed to such term in the Schedule <FONT STYLE="white-space:nowrap">14D-9.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;2 is being filed to reflect certain updates to the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> as set forth below. Except
as otherwise set forth below, the information set forth in the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> remains unchanged and is incorporated herein by reference as relevant to the items in this Amendment No.&nbsp;2. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;8.</B><B><I> Additional Information</I></B><B>. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Item&#8201;8 of the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> is hereby amended and supplemented by deleting the third
paragraph under the section titled &#8220;U.S. Antitrust&#8221; in its entirety and replacing it with the following: </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;The
waiting period under the HSR Act expired on October 29, 2025, at 11:59 p.m., New York City time. Accordingly, the condition to the Offer requiring that the waiting period (or any extension thereof) under the HSR Act applicable to the purchase of
Shares pursuant to the Offer shall have expired or been terminated has been satisfied. The Offer continues to be subject to the remaining conditions set forth in the Offer to Purchase.&#8221; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Item&#8201;8 of the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> is hereby amended and supplemented by adding a new section
titled &#8220;Expiration of the Offer Period; Completion of the Merger&#8221; immediately before the section titled &#8220;Annual and Quarterly Reports&#8221; on page 53 of the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> as follows:
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>&#8220;Expiration of the Offering Period; Completion of the Merger </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Offer and related withdrawal rights expired as scheduled at one minute following 11:59 p.m., New York City time, on October 29, 2025 (such
time, the &#8220;Expiration Time&#8221;), and the Offer was not extended. Parent and Merger Sub were advised by Citibank, N.A., the depositary for the Offer, that, as of the Expiration Time, a total of 94,113,710&nbsp;Shares had been validly
tendered (excluding any Shares tendered pursuant to guaranteed delivery procedures that have not yet been received, as defined by Section 251(h)(6) of the DGCL) and not validly withdrawn pursuant to the Offer, representing approximately 60.49% of
the issued and outstanding Shares as of the Expiration Time. As of the Expiration Time, the number of Shares validly tendered (excluding any Shares tendered pursuant to guaranteed delivery procedures that have not yet been received, as defined by
Section&nbsp;251(h)(6) of the DGCL) and not validly withdrawn pursuant to the Offer satisfied the Minimum Condition (as defined in the Merger Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Merger Sub accepted all Shares validly tendered and not validly withdrawn pursuant to the Offer, and payment of the Merger Consideration for
such Shares will be made promptly in accordance with the terms of the Offer and the Merger Agreement. Following acceptance for payment of the Shares, Merger Sub owned sufficient Shares to effect the Merger under Section 251(h) of the DGCL, without a
vote of 89bio&#8217;s stockholders. Accordingly, the Merger closed on October 30, 2025, with Merger Sub merging with and into 89bio, with 89bio continuing as the surviving corporation in the Merger and a wholly owned subsidiary of Parent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Shares will be delisted and will cease to trade on the Nasdaq Global Market. Parent and
Merger Sub intend to take steps to cause the termination of the registration of the Shares under the Exchange Act and suspend all of 89bio&#8217;s reporting obligations under the Exchange Act as promptly as practicable.&#8221; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and
correct. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>89BIO, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Rohan Palekar</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rohan Palekar</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dated: October 30, 2025 </P>
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