Talaris Shares Jump on Merger Deal With Tourmaline

Dow Jones

Jun 22, 2023

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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The stock is down 65% over the past 12 months but has more than doubled since the start of the year. \n\n\n  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. \n\n\n  Talaris holders are expected to receive about $3.43 a share, including a cash dividend of up to about $64.8 million. \n\n\n  The deal is expected to close in the fourth quarter, pending the approval from stockholders of both companies. \n\n\n  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. \n\n\n \n\n\n  Write to Dean Seal at dean.seal@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  June 22, 2023 10:16 ET (14:16 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}