BASEL (dpa-AFX) - Tourmaline Bio Inc. (TRML) announced Tuesday that it has agreed to be acquired by Novartis AG (NVS, NOVN.SW) for $48.00 per share in cash at closing, representing a total equity value of about $1.4 billion. The deal price represents a premium of 59% to Tourmalines closing stock price on September 8, 2025, the last trading day before the announcement of the transaction. The transaction has been unanimously approved by the Boards of Directors of both companies.
TRML closed Monday's regular trading at $30.18 up $3.44 or 12.86%. In the after-hours trading the stock further gained $5.31 or 17.59%.
As per 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.
Completion of the transaction is expected in the fourth quarter of 2025, subject to the satisfaction or waiver of customary closing conditions.
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