Tourmaline Bio, Inc. (TRML) entered a merger agreement on September 9, 2025, to be acquired by Novartis AG (NVS) in an all-cash deal valued at $1.4 billion.
A subsidiary of Novartis will commence a tender offer to acquire all of Tourmaline’s outstanding shares for a price of $48 per share in cash, representing a 59.05% premium from the stock’s last close.
Tourmaline Bio is a late-stage clinical biotechnology company focused on developing transformative medicines for life-altering inflammatory and immune diseases, with a lead asset, pacibekitug, targeting ASCVD and Thyroid Eye Disease. ASCVD is a heart and blood vessel disease caused by clogged or narrowed arteries, which can lead to heart attacks, strokes, or poor blood flow.
Novartis is a global healthcare company based in Switzerland that researches, develops, manufactures, and markets innovative prescription medicines and generics, addressing a wide range of diseases across immunology, oncology, neuroscience, cardiovascular, and other therapeutic areas.
The deal is expected to close in the fourth quarter of 2025.
Tourmaline Bio was advised by Leerink Partners on financial matters and by Cooley on legal matters.
For a more detailed insight into this M&A transaction, please visit the Deal Metrics page:
Deal Metrics for the acquisition of Tourmaline Bio, Inc. (TRML) by Novartis AG (NVS)
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Editor’s Note: Baranjot Kaur contributed to this article