Following a wave of acquisitions at comparable price points, Novartis announced on Tuesday that it was purchasing a U.S. firm developing a cardiovascular medication.
The New York firm was valued at $1.4 billion when Novartis announced that it was buying Tourmaline Bio for $48 a share, which had ended Monday at $30.18.
Shares of Tourmaline (TRML) surged 56% to $47.10. Novartis refers to the treatment of atherosclerotic cardiovascular disease, which Tourmaline has a medication in Phase 2 development for, as a “critical unmet need.”
Shares of Novartis (CH:NOVN) (NVS) fell during trading in Zurich.
Regulus Therapeutics, Anthos Therapeutics, Kate Therapeutics, Mariana Oncology, MorphoSys, DTx Pharma, and Chinook Therapeutics are among the companies that Novartis has acquired for between $1 billion and $3 billion, according to FactSet.
The Financial Times revealed last month that Novartis was thinking about putting in a bid for Avidity (RNA), a biotech that is creating therapies for uncommon muscle diseases.
