Tourmaline Bio Enters Into Agreement to be Acquired by Novartis

New York – September 9, 2025 – Cooley advised Tourmaline Bio (NASDAQ: TRML), a late-stage clinical biotechnology company developing transformative medicines that establish new standards of care for patients with life-altering inflammatory and immune diseases, on its merger agreement with Novartis.

Under the terms of the agreement, Novartis will acquire Tourmaline for $48 per share in cash at closing, or a total equity value of approximately $1.4 billion. Completion of the transaction is expected in Q4 2025, subject to the satisfaction or waiver of customary closing conditions. Until that time, Tourmaline will continue to operate as a separate and independent company.

Cooley has advised Tourmaline since shortly after its formation, including on its go-public merger with Talaris Therapeutics and concurrent private investment in public equity (PIPE) transaction.

Lawyers William Sorabella, Brandon Fenn, Natalie Vernon, Sangitha Palaniappa, Katherine Denby, Pengli Li, Nyron Persaud, Megan Browdie, Anne Luquette and Brittany Sanok led the Cooley team advising Tourmaline.

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