Tourmaline Bio, Inc. (TRML)

Tourmaline Bio, Inc. was a clinical-stage biotechnology company headquartered in New York City. Founded in 2021, it developed antibody therapies for immune-mediated and inflammatory conditions, with a particular focus on atherosclerotic cardiovascular disease and thyroid eye disease, as well as other inflammatory indications.

The company's lead candidate was pacibekitug, a monoclonal antibody that targets interleukin-6 (IL-6), a cytokine involved in inflammatory signaling. Tourmaline pursued the compound in studies for cardiovascular inflammation, where elevated inflammatory markers are associated with residual cardiovascular risk, and for other indications in which IL-6 inhibition might play a role.

Tourmaline became a public company in 2023 through a merger with Talaris Therapeutics, a Nasdaq-listed company, after which the combined company traded on Nasdaq under the symbol TRML. The transaction was accompanied by a private financing and gave the company the funding to continue its clinical programs.

In September 2025, Novartis AG announced a definitive agreement to acquire Tourmaline Bio for $48.00 per share in cash, an equity value of roughly $1.4 billion. The acquisition was structured as a tender offer by a Novartis subsidiary for all outstanding Tourmaline shares, to be followed by a merger of the subsidiary into Tourmaline.

The offer was conditioned on a minimum number of shares being tendered and on customary regulatory clearances. Novartis said the transaction would add pacibekitug to its cardiovascular portfolio, complementing its existing work in cardiovascular risk reduction and inflammation.

Novartis announced on October 28, 2025 that it had completed the acquisition. Following the successful completion of the tender offer, the merger was effected, Tourmaline became a wholly owned subsidiary of Novartis, and its shares were removed from Nasdaq trading. A Form 25 was filed by Nasdaq with the SEC.

Each remaining Tourmaline share not tendered was converted into the right to receive the same $48.00 per share in cash. The company became part of Novartis and no longer has any separately traded public securities.