MW Novartis to buy U.S. biotech in latest deal targeting firms in $1 billion to $3 billion range

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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September 09, 2025 05:39 ET (09:39 GMT)

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