BERLIN (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)