BERLIN, Sept 9 (Reuters) - Novartis will

acquire Tourmaline Bio ( TRML ) for $48 per share, valuing the

New York-based biopharmaceutical company at $1.4 billion on a

fully diluted basis, the Swiss pharma giant said on Tuesday.

Tourmaline is focused on developing pacibekitug, a promising

targeted therapy with the potential to reduce systemic

inflammation, as a treatment option for atherosclerotic

cardiovascular disease, Novartis said in a statement.

With the deal, Novartis will acquire a Phase III-ready

asset that will complement its existing cardiovascular disease

portfolio, it said.

The board of directors of both companies have

unanimously approved the transaction, under which Novartis will

begin a tender offer to buy all outstanding shares of Tourmaline

common stock, it said.

The deal is expected to close in the fourth quarter, with

Tourmaline set to become an indirect, wholly owned subsidiary of

Novartis after closing.

(Writing by Miranda Murray; Editing by Jamie Freed and

Harikrishnan Nair)