Pfizer to buy cancer drug developer Trillium in $2.3 bln deal
Aug 23 (Reuters) – Pfizer Inc (PFE.N) said on Monday it would buy Canadian drug developer Trillium Therapeutics Inc (TRIL.TO) in a $2.26 billion deal to strengthen its arsenal of blood cancer therapies.
Pfizer, which acquired a $25 million stake in Trillium last year, will buy the remaining outstanding shares for $18.50 apiece, representing a 203.8% premium on the stock’s last closing price.
Pfizer expects to benefit from Canada-based Trillium’s blood-cancer therapies that target a “don’t eat me” signal used by cancer cells to evade the immune system.
More than 1 million people worldwide were diagnosed with blood cancer in 2020, representing almost 6% of all cancer diagnoses. The same year, more than 700,000 people worldwide died from a form of blood cancer.
Trillium’s U.S.-listed shares were trading at $17.73 before the bell on Monday, having fallen 59% in 2021 as of their last close. Pfizer bought nearly 2.3 million Trillium shares at $10.88 each in September.
Reporting by Manas Mishra and Mrinalika Roy in Bengaluru; Editing by Sriraj Kalluvila and Shinjini Ganguli
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