Novartis ADR Stock News

Tourmaline Bio shares skyrocketed Tuesday after Novartis agreed to buy the cardiovascular-focused biotech company for $1.4 billion.

Shares of Tourmaline Bio surged in premarket trading on Tuesday after the US-based biotechnology company agreed to be acquired by Swiss pharmaceutical major Novartis for approximately $1.4 billion. Tourmaline shares jumped nearly 58%, trading at $48 per share, compared with Monday's closing price of $30.18.

GLP-1 drugs are taking much oxygen out of the biotechnology trade. However, many investors have been eyeing other areas in the sector, particularly cancer research.

Novartis agrees to acquire Tourmaline Bio in an all-cash deal worth around $1.4 billion.

Nebius surges 49% pre-market after securing a $17.4B AI infrastructure deal with Microsoft, potentially expanding to $19.4B. Novartis acquires Tourmaline Bio for $1.4B in cash, a 59% premium, highlighting confidence in Tourmaline's cardiovascular drug pipeline.

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 AG (ADR) (NYSE:NVS) has agreed to buy Tourmaline Bio in a $1.4 billion cash deal, strengthening its push into cardiovascular medicine with a late-stage anti-inflammatory drug candidate. The Swiss pharmaceutical group will pay $48.00 a share, a 59% premium to Tourmaline's closing price on Monday and 127% above its 60-day average.

The deal will boost the Swiss pharmaceutical company's cardiovascular drug pipeline.