M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Novartis AG to acquire Tourmaline Bio, Inc.
Announced Sep 9, 2025 · Closed Oct 28, 2025
Deal value$1.40BEV $1.20B
Premium59.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$48.00 per share
Transaction
- Acquirer
- Novartis AG (NVS)
- Target
- Tourmaline Bio, Inc. (TRML)
- Buyer type
- Strategic
- Offer price per share
- $48.00
- Enterprise value
- $1.20B
- Status
- Closed Oct 28, 2025
Deal protections
- Break fee (target pays)
- $48.0M · 3.4%
- Reverse fee (buyer pays)
- $68.5M · 4.9%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Leerink Partners
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- 59.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.4% vs. 3.3% sector median
Timeline
- AnnouncedSep 9, 2025
- Tender offerSep 29, 2025
- ClosedOct 28, 2025
Valuation · fairness opinions
Discounted cash flow$34.35$41.70
Precedent transactions$45.64$55.49
Precedent transactions$40.73$53.01
Analyst price targets$35.00$70.00
Offer $48.00
Implied value per Tourmaline Bio, Inc. share by analysis, from Leerink Partners.