Tourmaline soars after Novartis to acquire co for $1.4 billion

** 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