Novartis announces expiration of Tourmaline Bio tender offer

Novartis (NVS) announced that its previously announced tender offer by Torino Merger Sub (TRML), a Delaware corporation and an indirect wholly owned subsidiary of Novartis, to acquire all of the outstanding shares of common stock, par value $0.0001 per share, of Tourmaline Bio at a price of $48.00 per Share, in cash, without interest and subject to any applicable withholding, expired at one minute following 11:59 p.m., Eastern Time, on October 27, 2025. The parties expect the transaction to close on October 28, 2025, promptly following the acceptance of all Shares validly tendered and not validly withdrawn pursuant to the offer.