Big Law

Pfizer Acquires Trillium Therapeutics for $2.3 Billion

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 to as much as $11.67, while Pfizer rose as much as 3.6% as of 9:38 a.m. in New York.

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 and development group, was named to Trillium’s scientific advisory board.

Read the source article at Yahoo Finance

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