Pfizer is buying cancer company Trillium Therapeutics in a deal valued at $2.26 billion sending the stock soaring in Monday trading.
The $18.50 per share in cash Pfizer will pay for shares it does not already own represents a "118% premium to the 60-day weighted average price for Trillium," the company stated in its release.
"The proposed acquisition of Trillium builds on our strong track record of leadership in Oncology, enhancing our hematology portfolio as we strive to improve outcomes for people living with blood cancers around the globe. 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" Andy Schmeltz, global president and general manager, Pfizer oncology, said in the company's statement.
Over one million people worldwide were diagnosed with a blood cancer in 2020, including leukemia, multiple myeloma and lymphoma, according to the companies.