Talaris Therapeutics and Tourmaline Bio to merge

22 June 2023

Shares of US cell therapy developer Talaris Therapeutics (Nasdaq: TALS) leapt 26% to $2.77 this morning, as the company announced a proposed reverse merger.

Talaris, which earlier this year begun a comprehensive review of strategic alternatives focused on maximizing shareholder value following a research setback, said it will combine with New York-based biotech Tourmaline Bio, in an all-stock transaction.

The combined company is expected to have around $210 million of cash at the transaction close, including about $75 million from a concurrent private placement with leading life sciences investors.

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