Talaris Therapeutics rises on merger agreement with Tourmaline Bio

Tourmaline Bio

22/06/2023 13:38

** Shares of cell therapy co Talaris Therapeutics Inc
 TALS.O  up 27.7% at $2.81 premarket 
    ** TALS reports agreement to merge with biotech company
Tourmaline Bio, to create a combined Nasdaq-listed, late-stage
clinical biotech company 
    ** TALS stockholders expected to receive about $3.43 per
share, including a cash dividend of up to $64.8 mln and about
21.3% of the combined company
    ** Per share offer price represents a 55.91% premium to
TALS's last closing price; the deal is expected to close in
Q4'23
    ** Combined co will focus on developing Tourmaline's
experimental antibody to treat a type of genetic heart
disease and a vision-threatening rare autoimmune disease 
    ** Combined co expected to have about $210 mln of cash at
the transaction close, including about $75 mln from a concurrent
private placement with leading life sciences investors
    ** As of last close, stock had more than doubled YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))