In a deal that values the company at over $2 billion, Pfizer is buying cancer drug maker Trillium Therapeutics. The acquisition price is $18.50 per share. The company stated in its release that 118% premium to the 60-day weighted average price for Trillium.
Shares of Trillium Therapeutics Inc. TRIL, 188.42% boosted in premarket trading, which skyrocketed at 189.3%, after the immuno-oncology company announced an agreement to be acquired by Pfizer Inc., PFE 3.83% in a cash deal valued at $2.26 billion. Trillium Therapeutics soared almost 200 percent in premarket trading after the announcement.
“The proposed acquisition of Trillium builds on our strong track record of leadership in Oncology, enhancing our hematology portfolio as we strive to improve outcomes for people living with blood cancers around the globe,” said Andy Schmeltz, president of Pfizer Oncology.
In 2020, over a million people were diagnosed with blood cancer. The cancer types include multiple myeloma, leukemia, and lymphoma.