Talaris stockholders expected to receive approximately $3.43 per Talaris share, including a cash dividend of up to approximately $64.8 million and approximately 21.3% of the combined company.

Tourmaline previously completed a $112 million Series A financing in 2023.

The combined company will focus on advancing Tourmaline's lead program, TOUR006, for treating thyroid eye disease (TED) and atherosclerotic cardiovascular disease (ASCVD).

The merger is expected to be completed in Q4 of 2023.

Tourmaline has entered into a $75 million private placement agreement with institutional life sciences investors. The combined company is expected to have approximately $210 million in cash.

Tourmaline plans to initiate a Phase 2b trial of TOUR006 to treat TED in Q3 of 2023 and a Phase 2 trial for ASCVD in 2024.

Following the merger, the combined company will be led by the current members of the Tourmaline leadership team.

Price Action: TALS shares are up 22.10% at $2.69 on the last check Thursday