Tourmaline soars after Novartis to acquire co for $1.4 billion

Shares of biotech firm Tourmaline TRML.O soar 56.6% to $47.3 premarket, after Novartis NOVN.S said it will acquire co in a $1.4 bln cash deal

NOVN to pay $48 per share, representing a premium of 59% to TRML's last close of $30.18

As of Monday's close, TRML is valued at $775.4 million according to data compiled by LSEG

Deal expected to close in Q4, TRML will become an indirect, wholly owned subsidiary of NOVN

TRML is focused on developing pacibekitug, a targeted therapy with potential to reduce systemic inflammation, as a treatment option for atherosclerotic cardiovascular disease

Up to last close, TRML up 48.8% YTD compared with a 11.4% increase in the Nasdaq Biotechnology Index .NBI