Biotech Merger to Advance Midphase Trials of Ex-Pfizer Drug and Expand Inflammation-Focused Research.
Talaris Therapeutics and Tourmaline Bio have announced a merger agreement to create a Nasdaq-listed, late-stage clinical biotechnology company focused on developing Tourmaline’s anti-IL-6 antibody (TOUR006) in thyroid eye disease (TED) and atherosclerotic cardiovascular disease (ASCVD). The combined company is expected to have approximately $210 million of cash at the transaction close, including approximately $75 million from a concurrent private placement with leading life sciences investors. Talaris stockholders are expected to receive approximately $3.43 per Talaris share, including a cash dividend up to approximately $64.8 million and approximately 21.3% of the combined company.