Novartis Completes Acquisition of Tourmaline Bio with 92.94% Stake Acquisition

Novartis announced the expiration of its tender offer for Tourmaline Bio, with approximately 92.94% of shares validly tendered. The parties expect the transaction to close on October 28, 2025. The acquisition is subject to significant known and unknown risks and uncertainties, including the success of clinical trials and regulatory approvals.