Novartis completes acquisition of Tourmaline Bio

Novartis (NYSE: NVS) completed its acquisition of Tourmaline Bio, Inc., the pharmaceutical company announced. Tourmaline shares ceased trading on the Nasdaq Stock Market and the company became an indirect wholly owned subsidiary of Novartis.

The acquisition was completed through a tender offer at $48.00 per share in cash. The tender offer expired at one minute following 11:59 p.m. Eastern Time on October 27, 2025. Approximately 24,030,382 shares were validly tendered and not withdrawn, representing about 92.94% of issued and outstanding shares.

Following the tender offer, Novartis completed the acquisition through a merger of its indirect wholly owned subsidiary, Torino Merger Sub Inc., with Tourmaline under Section 251(h) of Delaware's General Corporation Law. The merger occurred without a stockholder vote. Remaining shares not tendered were canceled and converted into the right to receive the same $48 per share consideration.

"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, President of Development and Chief Medical Officer at Novartis.

Aradhye noted that Tourmaline's drug candidate pacibekitug uses an anti-IL-6 mechanism to address residual inflammation, which the company describes as a driver of atherosclerotic cardiovascular disease.

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