This Small Biotech Stock Is Surging Today. Here's Why.

FABRICE COFFRINI / AFP via Getty Images Novartis is offering $1.4 billion to buy Tourmaline Bio, the developer of cardiovascular drug pacibekitug. KEY TAKEAWAYS Novartis said Tuesday it is buying Tourmaline Bio for $1.4 billion, in a deal that gives the Swiss pharma giant access to the biotech’s late-stage cardiovascular drug pacibekitug. Novartis said it would offer Tourmaline Bio shareholders $48 a share, an almost 60% premium to Tourmaline's closing price Monday of $30.18. Wedbush downgraded its r ...