Pfizer is spending more than $2 billion in cash to buy another drugmaker focused on potential cancer treatmentsPfizer is spending more than $2 billion in cash to buy a drugmaker focused on cancer treatments. Pfizer will pay $18.50 for each share of Trillium Therapeutics Inc., or more than double the stock’s 60-day weighted average price. Its potential treatments include biologics that aim to prime a patient’s immune system to detect and destroy cancer cells. Pfizer, based in New York, invested $25 million in Trillium last September, and one of the leaders of Pfizer’s cancer research was named to Trillium’s scientific advisory board. Cancer treatments brought in $10.9 billion in revenue last year, and Pfizer’s oncology products include treatments for breast, colorectal, blood and lung cancers.

Source: ABC News August 23, 2021 13:41 UTC