(Reuters) -Pfizer Inc said on Monday it would buy Canadian drug developer Trillium Therapeutics Inc in a $2.26 billion deal to strengthen its arsenal of blood cancer therapies.<\/p>\n
Pfizer, which acquired a $25 million stake in Trillium last year, will buy the remaining outstanding shares for $18.50 apiece, representing a 203.8% premium on the stock’s last closing price.<\/p>\n
Pfizer expects to benefit from Canada-based Trillium’s blood-cancer therapies that target a “don’t eat me” signal used by cancer cells to evade the immune system.<\/p>\n
Forty Seven Inc, which is also developing drugs that target the same antibodies, was bought by Gilead Sciences Inc for $4.9 billion last year.<\/p>\n
More than 1 million people worldwide were diagnosed with blood cancer in 2020, representing almost 6% of all cancer diagnoses. The same year, more than 700,000 people worldwide died from a form of blood cancer.<\/p>\n
Trillium’s U.S.-listed shares were trading at $17.73 before the bell on Monday, having fallen 59% in 2021 as of their last close. Pfizer bought nearly 2.3 million Trillium shares at $10.88 each in September.<\/p>\n
Pfizer’s financial adviser for the transaction is BofA Securities Inc, and Centerview Partners LLC is Trillium’s.<\/p>\n
(Reporting by Manas Mishra and Mrinalika Roy in Bengaluru; Editing by Sriraj Kalluvila and Shinjini Ganguli)<\/p>\n","protected":false},"excerpt":{"rendered":"
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