Tourmaline Bio said goodbye to 60 employees at its New York headquarters months after being swallowed by Novartis.
The workforce reduction stems from the closure of a Tourmaline site at 27 West 24th in New York, according to a Workers Adjustment and Retraining Notification (WARN) alert for the state. The layoffs took effect May 29, though the notice was only posted last week.
Novartis moved to acquire Tourmaline in September last year, putting around $1.4 billion on the line on a fully diluted basis, the pharma said at the time. The transaction closed in late October.
Novartis has conducted several rounds of layoffs this year, including one that takes effect in August and will leave 76 New Jersey workers jobless. The pharma also announced in May that it would shutter a Germany facility by the end of 2028, which will affect 220 jobs. Novartis ran two other cycles of terminations—one in March and another in April—which together affected more than 170 staff in New Jersey.