Core Points - Novartis announced the expiration of its tender offer to acquire Tourmaline Bio, Inc. at a price of $48.00 per share, which ended on October 27, 2025 [1][2] - Approximately 24,030,382 shares were validly tendered, representing about 92.94% of the outstanding shares prior to the expiration [2] Company Information - Novartis is an innovative medicines company focused on improving and extending lives through its products, reaching over 300 million people globally [5]

Core Points - Novartis announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in relation to its tender offer to acquire Tourmaline Bio at a price of $48.00 per share in cash [1][2] - The expiration of the HSR Act waiting period is a necessary condition for the completion of the merger agreement dated September 8, 2025, which includes the tender offer and subsequent merger [2] - The tender offer will expire at 11:59 p.m. Eastern Time on October 27, 2025, unless extended or terminated earlier [2] Company Information - Novartis is an innovative medicines company focused on improving and extending people's lives through its products, reaching over 300 million people globally [7]

Group 1: Major Acquisitions - Electronic Arts (EA) is being acquired by a consortium including Saudi Arabia's Public Investment Fund (PIF), Silver Lake, and Affinity in a $55 billion deal, valuing the company at approximately $210 per share [3][8] - Novartis AG has launched a tender offer to acquire all outstanding shares of Tourmaline Bio for $48 per share in cash, with a total transaction value of approximately $1.4 billion [4][8] Group 2: Market Sentiment and Economic Concerns - Fears of a potential U.S. government shutdown are driving investors towards safe-haven assets, resulting in a firming of U.S. Treasuries and pushing U.S. gold reserves to a record $1 trillion [5][8] - Federal Reserve Governor Christopher Waller has advocated for an open approach to new payment technologies, including stablecoins, emphasizing the need for consumer safety guardrails [6][8] Group 3: Corporate Developments - Chipotle Mexican Grill plans to introduce a new Red Chimichurri sauce in the U.S. and Canada, expanding its menu offerings [9] - ASML Holding received an upgrade to "Buy" from Mizuho, supported by positive spending trends affecting its earnings outlook [9] - Moody's maintained JLR's BA1 credit rating but shifted its outlook to negative due to a significant cyber disruption [9] Group 4: IPO Activity - Fermi Inc. has announced plans to sell 32.5 million shares of common stock in an Initial Public Offering (IPO) [7][8]

Acquisition Announcement - Novartis has initiated a tender offer to acquire all outstanding shares of Tourmaline Bio, Inc. at a price of $48 per share in cash [1] - The tender offer is part of a previously announced Merger Agreement dated September 8, 2025 [1] Offer Details - The tender offer will expire on October 27, 2025, unless extended or terminated earlier [2] - Novartis filed a tender offer statement with the SEC, detailing the terms and conditions of the offer [3] Conditions of the Offer - The obligation to purchase shares is subject to customary conditions, including regulatory approvals and the tender of a majority of shares [4] - The offer is not contingent on financing [4] Information Agents - Innisfree M&A Incorporated is acting as the information agent for the offer, while Computershare Trust Company, N.A. serves as the depositary and paying agent [5] Regulatory Filings - Tourmaline's board of directors has recommended that stockholders accept the offer and tender their shares [3] - Both Novartis and Tourmaline have filed necessary documents with the SEC, which are available for public access [6][8]

Core Viewpoint - Class Action Attorney Juan Monteverde and his firm, Monteverde & Associates PC, are investigating the proposed sale of Tourmaline Bio, Inc. to Novartis AG, where shareholders are set to receive $48.00 in cash per share, raising questions about the fairness of the deal [1]. Group 1 - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has successfully recovered millions for shareholders [1]. - The firm is headquartered in the Empire State Building, New York City, and specializes in class action securities litigation [2]. - The investigation into Tourmaline Bio, Inc. is part of the firm's broader efforts to ensure fair treatment for shareholders in significant corporate transactions [1][2]. Group 2 - The firm encourages shareholders with concerns regarding the transaction to reach out for additional information at no cost [2]. - Monteverde & Associates PC has a successful track record in trial and appellate courts, including the U.S. Supreme Court, emphasizing their legal expertise [2]. - The firm is also involved in other investigations, indicating a proactive approach to shareholder rights [4].

Core Viewpoint - Novartis is set to acquire Tourmaline Bio, Inc. for $1.4 billion, enhancing its cardiovascular pipeline with the addition of pacibekitug, an anti-IL-6 monoclonal antibody targeting atherosclerotic cardiovascular disease (ASCVD) [1][3][7] Acquisition Details - Novartis will pay $48 per share in cash to Tourmaline shareholders, with the transaction expected to close in the fourth quarter of 2025 [3][7] - The acquisition aligns with Novartis' strategy to expand its pipeline through strategic acquisitions [9] Product Information - Pacibekitug is designed to mitigate systemic inflammation in ASCVD and has shown high affinity binding to IL-6, a key cytokine in systemic inflammation [4][7] - Phase II TRANQUILITY study results indicated that pacibekitug reduced median high-sensitivity C-reactive protein (hs-CRP) levels by 85% to 86% with safety profiles comparable to placebo [5][7] Market Reaction - Following the announcement of the acquisition and promising study results, shares of Tourmaline Bio surged by 57.8% [4][8] Strategic Focus - Novartis has been actively pursuing acquisitions to strengthen its pipeline, including a recent licensing agreement with Arrowhead Pharmaceuticals for ARO-SNCA [9][10] - The company also acquired Regulus Therapeutics for $0.8 billion, with potential additional payments of $0.9 billion based on regulatory milestones [11]

Group 1 - The core point of the article is the investigation by Halper Sadeh LLC regarding the fairness of the sale of Tourmaline Bio, Inc. to Novartis AG for $48.00 per share in cash [1] - The investigation aims to determine whether the transaction is fair to Tourmaline shareholders [1] - Tourmaline shareholders are encouraged to explore their legal rights and options related to the sale [1]

Group 1 - The Ademi Firm is investigating Tourmaline for possible breaches of fiduciary duty and other legal violations related to its transaction with Novartis [1] - Tourmaline shareholders will receive $48.00 per share in cash at closing, amounting to a total equity value of approximately $1.4 billion [1]

Core Viewpoint - Novartis is set to acquire Tourmaline Bio for $48.00 per share, totaling approximately $1.4 billion, reflecting a significant premium over Tourmaline's recent stock prices, indicating strong confidence in Tourmaline's lead asset, pacibekitug, for treating cardiovascular diseases [1][2][3]. Transaction Details - The acquisition will be executed through a tender offer for all outstanding shares of Tourmaline at $48.00 per share in cash, representing a 59% premium to the closing stock price on September 8, 2025, and a 127% premium to the 60-day volume-weighted average stock price [1][3]. - The transaction has received unanimous approval from the Boards of Directors of both Novartis and Tourmaline and is expected to close in the fourth quarter of 2025, pending customary closing conditions [1][4]. Company Insights - Tourmaline Bio is a late-stage clinical biotechnology company focused on developing transformative medicines for inflammatory and immune diseases, with pacibekitug as its lead asset [6][7]. - Pacibekitug is a long-acting, fully-human, anti-IL-6 monoclonal antibody with potential best-in-class properties, having been studied in approximately 450 participants across six clinical trials [5][6]. Strategic Implications - The acquisition aligns with Novartis's commitment to innovation in cardiovascular care, as pacibekitug targets inflammation, a key driver of cardiovascular diseases, and addresses a significant unmet medical need in anti-inflammatory therapies [2][5]. - Novartis aims to leverage Tourmaline's expertise and accelerate the development of pacibekitug, enhancing its portfolio in cardiovascular treatment [2][4].

Core Insights - Tourmaline Bio, Inc. presented additional data from its Phase 2 TRANQUILITY trial of pacibekitug, demonstrating consistent reductions in high-sensitivity C-reactive protein (hs-CRP) across various patient subgroups [1][2][6] - The trial results support the potential of pacibekitug as a treatment for atherosclerotic cardiovascular disease and other inflammation-driven cardiovascular diseases [3][4] Group 1: Trial Details - The TRANQUILITY trial is a multicenter, randomized, double-blind, placebo-controlled Phase 2 study evaluating pacibekitug in patients with elevated hs-CRP and chronic kidney disease [8] - The primary endpoint is the median time-averaged percent change in hs-CRP through Day 90, with a key secondary endpoint of participants achieving time-averaged hs-CRP below 2 mg/L [8] Group 2: Efficacy Results - Pacibekitug achieved rapid, deep, and consistent reductions in hs-CRP, with statistical significance (p<0.0001) across all dosing arms compared to placebo [3][4] - The treatment also demonstrated statistically significant reductions in secondary biomarkers including lipoprotein(a), fibrinogen, and serum amyloid A, indicating its potential impact on cardiovascular risk [3][6] Group 3: Future Plans - Based on the trial results, Tourmaline plans to initiate a Phase 2 proof-of-concept study in abdominal aortic aneurysm (AAA) and continue preparations for a Phase 3 cardiovascular outcomes trial in patients with atherosclerotic cardiovascular disease (ASCVD) [4]