Novartis: buys Tourmaline Bio, $1.4 billion deal

Novartis acquires Tourmaline Bio in an approximately$1.4 billion deal that boosts its cardiovascular drug pipeline.

The Swiss pharmaceutical company said it would offer Tourmaline Bio $48 a share to shareholders, valuing the company at around $1.4 billion. Tourmaline's board of directors approved the deal.

Tourmaline Bio is a clinical-stage biopharmaceutical company developing 'pacibekitug', a therapeutic option foratherosclerotic cardiovascular disease.

The drug is in advanced phase 2 clinical trials and has the potential to combat residual inflammatory risk more effectively than current therapies, Novartis said.

The drug will complement Novartis's current cardiovascular disease drug portfolio, the company said.