By Dean Seal
Shares of Talaris Therapeutics jumped after the company said it would combine with Tourmaline Bio in an all-stock merger deal.
The stock was up 23.2% at $2.71 in early trading. The stock is down 65% over the past 12 months but has more than doubled since the start of the year.
The two companies said Thursday morning that they would combine into a single entity operating under the Tourmaline Bio banner that will focus on advancing Tourmaline's treatment for thyroid eye disease and atherosclerotic cardiovascular disease.
Talaris holders are expected to receive about $3.43 a share, including a cash dividend of up to about $64.8 million.
The deal is expected to close in the fourth quarter, pending the approval from stockholders of both companies.
Talaris said in February that it would explore strategic alternatives and slash a third of its staff after development on its lead drug candidate in kidney transplants was scrapped.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 22, 2023 10:16 ET (14:16 GMT)
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