Tourmaline soars after Novartis to acquire co for $1.4 billion
ReutersSep 9, 2025 2:15 PM
Shares of biotech firm Tourmaline TRML.O soar 57.8% to $47.62, hitting their highest since March 2024, after Novartis NOVN.S said it will acquire co in $1.4 bln cash deal
NOVN to pay $48 per share, representing 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 indirect, wholly owned subsidiary of NOVN
TRML is focused on developing pacibekitug, targeted therapy with potential to reduce systemic inflammation, as treatment option for atherosclerotic cardiovascular disease
Including session's move, TRML up about 134% YTD
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