By Steve Goldstein
Novartis said it was buying a U.S.-listed biotech.
Novartis on Tuesday said it was buying a U.S. biotech working on a cardiovascular drug, continuing what’s been a flurry of acquisitions at a similar price point.
Novartis said it was purchasing Tourmaline Bio for $48 per share, which had closed Monday at $30.18, valuing the New York company at $1.4 billion.
Tourmaline shares (TRML) rocketed 56% to $47.10. Tourmaline has a drug in Phase 2 development to treat atherosclerotic cardiovascular disease, which Novartis calls a “critical unmet need.”
Novartis shares (CH:NOVN) (NVS) slipped in Zurich trade.
According to FactSet, Novartis has bought several companies in the $1 billion to $3 billion range, including Regulus Therapeutics, Anthos Therapeutics, Kate Therapeutics, Mariana Oncology, MorphoSys, DTx Pharma and Chinook Therapeutics.
Last month, the Financial Times reported Novartis was considering bidding for Avidity (RNA), a biotech developing treatments for rare muscle disorders.
-Steve Goldstein
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09-09-25 0539ET
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