Tourmaline Attracted Bidding War Before $1.4B Acquisition by Novartis
Novartis announced it will acquire Tourmaline Bio for approximately $1.4 billion in an all-cash transaction, offering $48 per share, which represents a 59% premium to Tourmaline’s closing price prior to the announcement245.
The deal spurred a sharp rise in Tourmaline’s stock, jumping 57%-58% in response to the premium offer24.
The acquisition followed a small bidding war, with the high premium viewed as reflecting intense interest due to Tourmaline’s main asset24.
Tourmaline’s lead candidate, pacibekitug, is a long-acting antibody that targets the IL-6 protein to address inflammation in patients with atherosclerotic cardiovascular disease (ASCVD), and is currently in Phase 2 trials2345.
Analysts and executives highlighted the strategic fit, saying the asset could provide a breakthrough in treating cardiovascular inflammation, a major unmet need45.
Tourmaline shareholders will receive $48 per share; upon deal completion in Q4 2025, the company will become a wholly owned subsidiary of Novartis42.
The deal further boosts Novartis’s cardiovascular drug pipeline and demonstrates pharmaceutical industry competition for promising late-stage biotech assets45.
Sources:
2. https://www.ainvest.com/news/tourmaline-jumps-57-novartis-buy-firm-1-4b-2509/
3. https://www.novartis.com/news/media-releases/novartis-acquire-tourmaline-bio-complementing-cardiovascular-pipeline-pacibekitug-treatment-atherosclerotic-cardiovascular-disease-ascvd
4. https://cryptorank.io/news/feed/b70b6-tourmaline-bio-surges-as-novartis-1-4-billion-acquisition-analysts-see-strong-fit
5. https://www.biopharmadive.com/news/novartis-tourmaline-acquire-deal-il-6-pacibekitug/759599/