Pfizer to acquire cancer drugmaker Trillium Therapeutics for $2.3 bn

Pfizer Inc., maker of a top-selling Covid vaccine, will buy all the shares of Trillium Therapeutics Inc. it doesn’t own, gaining the immune cancer drugmaker for an equity value of $2.26 billion. 

Pfizer will pay $18.50 a share for Cambridge, Massachusetts-based Trillium, the companies said Monday in a statement. The price represents a 118% premium to the stock’s 60-day weighted average price. Shares of Trillium nearly tripled in trading before U.S. markets opened, while Pfizer rose 3.7%. 

Pfizer invested $25 million in Trillium in September as part of its Breakthrough Growth Initiative, when Jeff Settleman, senior vice president of Pfizer’s oncology research