Novartis announced that it has successfully completed the acquisition of Tourmaline Bio, Inc., making the biotechnology company an indirect wholly owned subsidiary of Novartis. Following the completion of the transaction, Tourmaline’s common stock has ceased trading on the Nasdaq Stock Market.
The acquisition was executed through a tender offer in which Novartis purchased all outstanding shares of Tourmaline for $48.00 per share in cash, without interest. The offer expired on October 27, 2025, with approximately 24 million shares, representing nearly 93% of Tourmaline’s outstanding stock, validly tendered and accepted for payment.
The transaction was finalized through a merger of Torino Merger Sub Inc., an indirect wholly owned subsidiary of Novartis, with and into Tourmaline. All remaining shares not tendered were automatically converted into the right to receive the same cash consideration, completing the acquisition process.
“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 Dr. Shreeram Aradhye, 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.”
Aradhye added that Novartis looks forward to working with Tourmaline’s team to advance pacibekitug, the company’s promising anti-inflammatory cardiovascular therapy, as part of Novartis’ broader mission to deliver transformative treatments for diseases with high unmet need.
The acquisition strengthens Novartis’ position in cardiovascular innovation, expanding its pipeline with a novel mechanism aimed at addressing inflammation-driven heart disease.