Switzerland's Novartis AG will acquire Tourmaline Bio with an offer price of $48 per share, in a deal valuing the New York-based company at $1.4 billion on a fully diluted basis, it said on Tuesday.
U.S.-listed shares of the company rose 17% in overnight trading.
Novartis said it expected the deal to close in the fourth quarter and for Tourmaline to become an indirect, wholly owned subsidiary.
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