08:26 AM EDT, 09/29/2025 (MT Newswires) -- Novartis ( NVS ) said Monday its Torino indirect subsidiary has commenced a tender offer to purchase all outstanding shares of Tourmaline Bio ( TRML ) for $48 per share in cash.

The tender offer will expire on Oct. 27 unless extended, the company said.

Earlier in September, Tourmaline Bio ( TRML ) said it agreed to be acquired by Novartis ( NVS ) for about $1.4 billion and that the deal is likely to be completed in Q4.