Pfizer Inc. announced its intention to spend more than $2 billion in cash to buy a drug company focused on cancer treatments, according to "ABC News."
Pfizer will pay $18.50 per share of Trillium Therapeutics stock, or more than double the 60-day weighted average price per share.
Trillium is working on biological therapies that prime a patient's immune system to detect and destroy cancer cells in an early stage of testing.
Pfizer, headquartered in New York, invested $25 million in Trillium last September, and one of Pfizer's cancer research leaders has been appointed to Trillium's scientific advisory board.
Pfizer said last month that its COVID-19 vaccine generated nearly half of its revenue in the second quarter, but cancer treatments were also a growing source of the company's sales.
Cancer Treatments generated $10.9 billion in revenue last year, and includes Pfizer's products to treat breast, colorectal, blood and lung cancers.
Pfizer stock was up nearly 3% at the opening bell, while Cambridge-based Trillium shares nearly tripled to $17.73, and the recently announced deal will need approval from Trillium shareholders.
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