Pfizer will buy all shares of Trillium Therapeutics, a biotech oncology company, for $2.3 billion (£1.7 billion) as the drugmaker invests in blood cancer therapies, according to generalized reports.
The US drugmaker, which acquired a $25 million stake in Canadian oncology biotech last year, has agreed to buy the remaining shares for $18.50 a share, representing a 203.8 per cent premium over the price. closing of shares.
Trillium shares rose nearly 200 per cent in the pre-market after the deal was announced, while Pfizer shares rose nearly 4 per cent.
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The pharmaceutical company, which has gained fame since the pandemic, hopes to benefit from biotech blood cancer therapies that target a “don’t eat me” signal used by the cancelled cells to hide from the immune system, according to Reuters.
More than one million people worldwide were diagnosed with blood cancer in 2020, representing nearly 6 per cent of all cancer diagnoses, while more than 700,000 people died of a form of blood cancer in 2020.
Trillium’s two main molecules, TTI-622 and TTI-621, block signalling proteins involved in blood cancers, and both are being tested in humans in various types of diseases.
Trillium shares tripled in trading ahead of the opening of US markets, while Pfizer rose 3.3%.