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Pfizer will spend more than $ 2 billion to acquire Trillium Therapeutics, a drug company that is focused on developing cancer treatments.
Although Trillium does not yet have products on the market, its possible treatments include biologics intended to prime the patient’s immune system to detect and destroy cancer cells.
Its two main candidates are in the testing phase and focus on hematology. This includes cancers of the blood, bone marrow, and lymph nodes such as leukemia or lymphoma.
The operation that was announced Monday, the same day the FDA granted full approval to Pfizer’s COVID-19 vaccine, still needs approval from Trillium shareholders.
Pfizer will pay $ 18.50 for each share of Trillium Therapeutics or more than double the 60-day weighted average price of the stock.
Pfizer, based in New York, invested $ 25 million in Trillium last September, and one of Pfizer’s cancer research leaders was appointed to Trillium’s scientific advisory board.
Related: How Much Money Could Pfizer and Moderna Get From Selling COVID-19 Vaccines?
The pharmacist reported last month that its COVID-19 vaccine contributed nearly half of its second-quarter revenueBut cancer treatments have also been a growing sales generator for the company.
Cancer treatments brought in $ 10.9 billion in revenue last year. Pfizer’s cancer products include treatments for breast, colorectal, blood and lung cancer.
After the announcement, Pfizer shares rose nearly 3%, while Cambridge, Massachusetts-based Trillium shares nearly tripled to $ 17.73.
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