US pharmaceutical giant Pfizer will acquire Canadian-based cancer drugs developer Trillium for $2.26 billion, said an official announcement.
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As Pfizer invested $25 million in Trillium common shares last September, for the outstanding shares it will pay $18.50 apiece in cash.
"This represents a 118% premium to the 60-day weighted average price for Trillium," it said in a statement.
Trillium, whose stocks are listed on NASDAQ, is a clinical stage immuno-oncology firm developing innovative therapies for the treatment of cancer.
"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," said Andy Schmeltz, the general manager of Pfizer Oncology.
