Novartis completes acquisition of Tourmaline Bio

Core Insights - Novartis has successfully completed the acquisition of Tourmaline Bio, Inc., making it an indirect wholly owned subsidiary of Novartis [1][2] - The acquisition aligns with Novartis's strategy to enhance its expertise in cardiovascular innovation, particularly through the promising asset Pacibekitug, which targets residual inflammation linked to atherosclerotic cardiovascular disease [2][3] - The tender offer for Tourmaline's shares was completed with approximately 24,030,382 shares validly tendered, representing about 92.94% of the outstanding shares, at a price of $48.00 per share [2][3] Company Strategy - The acquisition is part of Novartis's broader strategy to lead in areas where it can add significant value, particularly in the field of cardiovascular therapies [2] - Novartis aims to collaborate with Tourmaline's team to advance the development of its innovative therapies for diseases with high unmet medical needs [2] Transaction Details - The acquisition was finalized through a merger of Novartis's subsidiary with Tourmaline, resulting in the cancellation of shares not tendered in the offer, which were converted into the same cash consideration [3] - The tender offer expired on October 27, 2025, and all validly tendered shares were accepted for payment [2][3]