Novartis AG (NVS) Strengthens Cardiovascular Unit with Tourmaline Bio Acquisition

Novartis AG (NYSE:NVS) is one of the best defensive stocks to buy, according to Steve Cohen. On September 9, the company confirmed plans to acquire the New York-based pharmaceutical company Tourmaline Bio for $1.4 billion on a fully diluted basis.

The acquisition paves the way for the company to gain access to pacibekitug, a candidate drug being developed to address systemic inflammation and as a treatment for atherosclerotic cardiovascular disease. The drug is currently in Phase III trials and expected to strengthen its cardiovascular disease portfolio.

The deal is expected to close in the fourth quarter with Tourmaline becoming an indirect wholly-owned subsidiary.

“With no widely adopted anti-inflammatory therapies currently available for cardiovascular risk reduction, pacibekitug represents a potential breakthrough in addressing residual inflammatory risk in ASCVD with a differentiated mechanism of action targeting IL-6,” said Shreeram Aradhye, President, Development and Chief Medical Officer, Novartis.

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Disclosure: None. This article is originally published at Insider Monkey.