Premarket Movers | Tourmaline Bio Soars 57%; Teck Resources Surges 8%; CoreWeave Jumps 7%; Alibaba Gains 3%; Planet Labs Sinks 14%

Novartis will acquire Tourmaline Bio for $48 per share, valuing the New York-based biopharmaceutical company at $1.4 billion on a fully diluted basis, the Swiss pharma giant said on Tuesday.

The board of directors of both companies have unanimously approved the transaction, under which Novartis will begin a tender offer to buy all outstanding shares of Tourmaline common stock, it said.

The deal is expected to close in the fourth quarter, with Tourmaline set to become an indirect, wholly owned subsidiary of Novartis after closing.

Tourmaline Bio shares surged 57% in premarket trading on Tuesday.

Anglo American said on Tuesday it has agreed to merge with Teck Resources, in which the London-listed miner will own about 62.4% and the Canadian miner will hold 37.6% of the newly combined company, Anglo Teck.

Anglo Teck will be headquartered in Canada but have a primary listing in London, it said.

The merger is expected to generate annual cost savings and efficiency gains of $800 million by the fourth year after completion, Anglo said. The combined market capitalisation of both companies exceeds $53 billion.

Teck Resources shares jumped 8% in premarket trading on Tuesday.

Nvidia-backed CoreWeave shares jumped 7% in premarket trading following Nebius’ surge.

On the morning of September 9, market chatter suddenly emerged that Alibaba would officially announce the launch of a new group-buying product and review system within the next two days, directly targeting Meituan’s core business.

US-listed shares of Alibaba gained 3% in premarket trading on Tuesday.

Planet Labs stock sank 14% in premarket trading on Tuesday, after closing higher by 48%, following the company’s announcement of a proposed $300 million private offering of convertible senior notes.

The San Francisco-based satellite imaging company said it plans to offer $300 million in convertible senior notes due 2030 to qualified institutional buyers. Planet Labs also expects to grant the initial purchasers an option to buy up to an additional $45 million in notes to cover over-allotments.

Planet Labs shares soared almost 48% on Monday after the Earth imaging company posted a narrower-than-expected loss in the fiscal second quarter and raised its guidance.