The oncology firm Trillium Therapeutics (NSDQ:TRIL) saw its share price spike to $17.59 today from $6.09 on Aug. 20 after Pfizer announced its plan to purchase the company for $2.26 billion.
Pfizer (NYSE:PFE) agreed to pay $18.50 per share, representing a 118% premium over the 60-day weighted average price for Trillium.
Pfizer explained in a statement that the acquisition would bolster the company’s competitive standing in oncology and hematology.
“Our deep experience in understanding the science of blood cancers, along with the diverse knowledge base we have developed across our growing hematology portfolio of eight approved and investigational therapies, provide us with a foundation to advance these important potential medicines to patients who need them,” said Andy Schmeltz, global president and general manager of Pfizer oncology, in prepared remarks.
Tell Us What You Think!