Pfizer is spending more than $2 billion in cash to buy a drugmaker focused on cancer treatments.
Pfizer will pay $18.50 for each share of Trillium Therapeutics Inc., or more than double the stock’s 60-day weighted average price.
Trillium has no products on the market. Its potential treatments include biologics that aim to prime a patient’s immune system to detect and destroy cancer cells.
Its two lead candidates are in early-stage testing and focus on hematology. That includes blood, bone marrow and lymph node cancers like leukemia or lymphoma.
The deal will need approval from Trillium shareholders.