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TRML News
TRML Events
Novartis Finalizes Acquisition of Tourmaline Bio
Novartis (NVS) announced that it has successfully completed its acquisition of Tourmaline Bio (TRML). With the completion of the acquisition, shares of the common stock of Tourmaline have ceased trading on the Nasdaq Stock Market and Tourmaline is now an indirect wholly owned subsidiary of Novartis. "The acquisition of Tourmaline Bio aligns with our strategy to deepen expertise in areas where Novartis can lead and add value in cardiovascular innovation. Pacibekitug's differentiated anti-IL-6 mechanism offers a scientifically compelling approach to residual inflammation - a key driver of atherosclerotic cardiovascular disease. We look forward to collaborating with Tourmaline's team to further advance this promising asset and continue strengthening our ability to deliver potentially transformative therapies for diseases with high unmet need," said Shreeram Aradhye, M.D., President of Development and Chief Medical Officer at Novartis.
Novartis Declares End of Tourmaline Bio Tender Offer
Novartis (NVS) announced that its previously announced tender offer by Torino Merger Sub (TRML), a Delaware corporation and an indirect wholly owned subsidiary of Novartis, to acquire all of the outstanding shares of common stock, par value $0.0001 per share, of Tourmaline Bio at a price of $48.00 per Share, in cash, without interest and subject to any applicable withholding, expired at one minute following 11:59 p.m., Eastern Time, on October 27, 2025. The parties expect the transaction to close on October 28, 2025, promptly following the acceptance of all Shares validly tendered and not validly withdrawn pursuant to the offer.
Novartis Declares End of HSR Act Waiting Period for Tourmaline Bio Acquisition
Novartis (NVS) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, HSR Act, in connection with Novartis' previously announced tender offer to acquire all of the outstanding shares of common stock, par value $0.0001 per share, of Tourmaline Bio (TRML), a Delaware corporation, at a price of $48.00 per Share, in cash, without interest and subject to any applicable withholding. The expiration of the HSR Act waiting period occurred at 11:59 p.m., Eastern Time, on October 21, 2025.
Chardan Lowers Tourmaline Bio Rating from Buy to Neutral
Chardan downgraded Tourmaline Bio to Neutral from Buy with a $48 price target after the company agreed to be acquired by Novartis (NVS) for $1.4B in cash, or $48 per share. The transaction is expected to close in Q4. The firm believes the deal validates IL-6 as a "versatile target, particularly for cardiovascular indications."
Novartis to Purchase Tourmaline Bio for $48.00 per Share in Cash
Tourmaline Bio (TRML) announced that it has entered into a merger agreement with Novartis (NVS), pursuant to which Novartis will acquire Tourmaline for $48.00 per share in cash at closing, or a total equity value of approximately $1.4B. This represents a premium of 59% to Tourmaline's closing stock price on September 8, the last trading day before the announcement of the transaction, and 127% to Tourmaline's 60-day volume-weighted average stock price as of that same date. The transaction has been unanimously approved by the boards of directors of both companies. Under the terms of the merger agreement, a subsidiary of Novartis will commence a tender offer to acquire all of Tourmaline's outstanding shares for a price of $48.00 per share in cash at closing. The closing of the tender offer will be subject to certain conditions, including the tender of shares representing at least a majority of the total number of Tourmaline's outstanding shares and receipt of regulatory approvals, and other customary closing conditions. Completion of the transaction is expected in the fourth quarter of 2025, subject to the satisfaction or waiver of customary closing conditions. Until that time, Tourmaline will continue to operate as a separate and independent company.
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