Novartis Launches $1.4B Tender Offer for Tourmaline Bio
The acquisition targets Tourmaline's promising Phase III-ready cardiovascular drug, pacibekitug, to bolster Novartis's pipeline.
Swiss pharmaceutical giant Novartis (NVS) has officially commenced a , a clinical-stage biotechnology company. The all-cash deal values Tourmaline at approximately $1.4 billion on a fully diluted basis, representing a significant move by Novartis to expand its cardiovascular treatment portfolio.
Under the terms of the agreement, which has received unanimous approval from the boards of both companies, a subsidiary of Novartis will offer to purchase all outstanding shares of Tourmaline common stock for $48.00 per share. This price represents a substantial premium of 59% to Tourmaline's closing stock price on September 8, 2025, and a 127% premium to its 60-day volume-weighted average stock price.
The strategic focus of the acquisition is Tourmaline's lead asset, pacibekitug, a long-acting, fully-human, anti-IL-6 monoclonal antibody. This Phase III-ready drug is being developed as a potential treatment for atherosclerotic cardiovascular disease (ASCVD) and other inflammatory conditions. , targeting the underlying inflammation that contributes to ASCVD.
The completion of the tender offer is subject to customary conditions, including the tender of a majority of Tourmaline's outstanding shares and the receipt of necessary regulatory approvals. The transaction is not subject to a financing condition and is expected to close in the fourth quarter of 2025. Following a successful tender offer, Novartis will complete a merger to make Tourmaline a wholly-owned subsidiary.
that the company's shareholders tender their shares in the offer. Until the transaction closes, Tourmaline Bio will continue to operate as a separate and independent company.