Novartis announced the successful completion of its acquisition of Tourmaline Bio, Inc., following the closure of its previously announced tender offer. With this acquisition, Tourmaline’s common stock has ceased trading on the Nasdaq Stock Market LLC, and the company 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,” said Shreeram Aradhye, M.D., President of Development and Chief Medical Officer at Novartis. “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.”
The tender offer to acquire all outstanding Tourmaline shares at $48.00 per share in cash, without interest and subject to applicable withholding taxes, expired on October 27, 2025, at one minute past 11:59 p.m. ET. Approximately 24,030,382 shares, representing about 92.94% of the issued and outstanding shares, were validly tendered and accepted for payment.
Following the tender offer, Novartis completed the acquisition through the merger of its indirect wholly owned subsidiary, Torino Merger Sub Inc., with and into Tourmaline, under Section 251(h) of the Delaware General Corporation Law. As a result, all remaining Tourmaline shares not tendered in the offer were automatically converted into the right to receive the same cash consideration as provided in the tender offer.
The completion of this transaction expands Novartis’ presence in cardiovascular innovation, reinforcing its commitment to advancing therapies that target residual inflammation, a critical factor in atherosclerotic cardiovascular disease.
Also Read