Pfizer has agreed to buy oncology biotech Trillium Therapeutics in a deal worth about $2.3bn as the US drugmaker seeks to bolster its pipeline with a therapy it hopes will be transformative for blood cancers.
The pharmaceutical company will acquire all outstanding shares of the company, which it has partnered with, for $18.50 in cash, giving it an implied equity value of $2.26bn. The price is at a 118 per cent premium to the 60-day weighted average.
Shares in Trillium were up almost 200 per cent in pre-market trading following the deal’s announcement, while Pfizer’s stock price increased almost 4 per cent.
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