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Investing.com-- Swiss firm Novartis AG (SIX:NOVN) will buy Tourmaline Bio Inc (NASDAQ:TRML) for about $1.4 billion in cash, adding the U.S. biotech’s experimental treatment for cardiovascular disease to its pipeline.
Under the deal, Novartis will pay $48 per share, a 59% premium to Tourmaline’s last closing price, Tourmaline said in a release on Tuesday.
The boards of both companies have unanimously approved the transaction, which is expected to close in the fourth quarter of 2025, subject to customary conditions, including regulatory approvals.
Tourmaline’s lead drug candidate, pacibekitug, is a long-acting antibody targeting the IL-6 protein, believed to play a key role in cardiovascular inflammation.
"With no widely adopted anti-inflammatory therapies currently available for cardiovascular risk reduction, pacibekitug represents a potential breakthrough in addressing residual inflammatory risk in ASCVD with a differentiated mechanism of action targeting IL-6,” said Novartis Chief Medical Officer Shreeram Aradhye.