The move took place the same day the company received full FDA approval for its Covid vaccine developed with Biontech
Pfizer-BioNTech Covid-19 vaccine doses at a pop-up vaccination site in Hammons Field in Springfield, Missouri, USA, on Tuesday, August 3, 2021. Some of the most vaccine-resistant parts of the US are now running the country A Bloomberg analysis shows the number of people getting a first dose of the vaccine as rising infections and rising hospital admissions push once reluctant Americans to protect themselves. Photographer: Angus Mordant / Bloomberg
Pfizer, the maker of a top-selling Covid vaccine, will buy all of the shares it does not own in Trillium Therapeutics and the cancer drug maker for a share value of 2.26 billion Win US $ 2 billion.
The news came on the same day that Pfizer-Biontech received full FDA approval for its Covid-19 vaccine.
Pfizer is paying US $ 18.50 -Dollars per share for Trillium, based in Cambridge, Massachusetts, announced the company yesterday. The price corresponds to a premium of 118 parts on the weighted 60-day average price of the share. Trillium’s shares nearly tripled to $ 11.67 while Pfizer rose as much as 3.6 percent in early New York trading.
Pfizer invested $ 25 million in Trillium in September as part of its Breakthrough Growth Initiative, when Jeff Settleman, Senior Vice President of Pfizer’s Oncology Research and Development Group, was appointed to the Trillium Scientific Advisory Board.
Trillium’s two lead molecules, TTI-622 and TTI-621, block signaling proteins that are involved in blood cancer are involved and both are in human studies in different types of diseases. They target CD47, a protein found on some cancer cells that protects them from normal immune responses, and send a signal that activates the response.
Early clinical data for both molecules are encouraging and expected they become another key backbone immunotherapy for multiple cancers, particularly blood cancer, said Chris Boshoff, chief development officer for oncology at Pfizer, in the statement.
Blood cancer accounts for 6 percent of all cancer diagnoses worldwide, according to a statement. Last year, more than a million people worldwide were diagnosed with some form of blood cancer and more than 700,000 people died from the disease.
The move follows Pfizer’s July contract with Arvinas to develop and commercialize ARV-471 , a breast cancer drug that breaks down the hormone estrogen. Pfizer agreed to pay Arvinas $ 650 million upfront, as well as $ 1.4 billion in potential milestone payments and a $ 350 million equity investment in the biotech company.
The oncology portfolio from Pfizer includes 24 approved drugs with sales of approximately $ 10.9 billion last year, an operating increase of 21 percent from 2019. In the first half of 2021, global oncology revenues were $ 6 billion Dollars.
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