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Novartis AG said Tuesday it has agreed to acquire Tourmaline Bio Inc. in a $1.4 billion all-cash deal, a bold step to expand its cardiovascular disease portfolio.

The Basel-based drugmaker, dual-listed on the Six Swiss Exchange and Nasdaq, will pay $48 per share, a 59% premium over Tourmaline’s last closing price of $30.18. The boards of both companies have unanimously signed off on the agreement, which Novartis expects to close in the fourth quarter of 2025, pending regulatory approvals.

Betting on Pacibekitug

At the heart of the acquisition is pacibekitug, Tourmaline’s experimental anti-inflammatory therapy for cardiovascular risk reduction.

“Tourmaline has made significant progress in tackling inflammation, a driving force behind cardiovascular disease,” said Shreeram Aradhye, Novartis’ chief medical officer. “With no widely adopted anti-inflammatory therapies available, pacibekitug could be a breakthrough.”

The therapy has shown promising phase-two trial results in lowering systemic inflammation. With Novartis stepping in, the drug is poised to move into phase-three human trials, a decisive stage for testing safety and efficacy.

Tourmaline’s Leap Forward

Sandeep Kulkarni, Tourmaline’s co-founder and CEO, praised the move: “Novartis shares our conviction in the critical role of inflammation in cardiovascular disease. Their expertise will accelerate pacibekitug’s development.”

The biotech, headquartered in the U.S., has drawn attention for focusing on residual inflammatory risk, a largely untapped area in heart disease treatment.

A String of Bold Moves

This acquisition comes shortly after Novartis struck a $5.2 billion deal with China’s Argo Biopharmaceutical Co. to advance therapies targeting cardiovascular and metabolic conditions.

Novartis is no stranger to aggressive portfolio building, but the Tourmaline deal underscores its bet on inflammation-focused therapies to shape the future of cardiovascular care.

Legal and Financial Counsel

Tourmaline is advised by Cooley LLP, with a team led by partners Bill Sorabella, Brandon Fenn, Nyron Persaud, and Megan Browdie, while Leerink Partners LLC serves as its financial adviser. Legal counsel for Novartis was not immediately disclosed.

Both companies declined to provide further comment beyond their official statements.