TRIL Stock: Key Takeaways
- Trillium Therapeutics nearly triples on news of acquisition agreement with Pfizer.
- Pfizer will pay $18.50 per share for TRIL stock, up more than 200% from Friday’s close.
- The acquisition will expand Pfizer’s oncology division, giving the company access to Trillium’s treatments for blood cancers.
Trillium Therapeutics Inc. (NASDAQ: TRIL) nearly tripled today on news of an acquisition deal with Pfizer Inc. (NYSE: PFE).
TRIL stock surged 191% at the open today and at writing shares were still trading 190% higher.
The rally comes after Trillium announced Pfizer agreed to buy out the cancer drug developer.
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Details of the Deal
The acquisition is an all-cash agreement that values Trillium at $2.26 billion.
Pfizer will pay $18.50 per share for all outstanding shares not already owned by Pfizer, which is up more than 200% from Friday’s closing price of $6.09 per share.
The acquisition comes after Pfizer invested $25 million in Trillium in September 2020.
Trillium used the proceeds of that offering to fund clinical trials for its CD47 program.
That investment was part of Pfizer’s Breakthrough Growth Initiative “to provide funding for scientific research as well as access to Pfizer’s experts to ensure the continuity of clinical programs that could be of potential strategic interest for Pfizer.”
Expanding Pfizer Oncology
The acquisition will expand Pfizer’s oncology division using Trillium’s portfolio of biologics.
“Today’s announcement reinforces our commitment to pursue scientific breakthroughs with the addition of potentially best-in-class molecules to our innovative pipeline,” said Andy Schmeltz, global president & general manager, Pfizer Oncology.
“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.”
The treatments developed by Trillium “are designed to enhance the ability of patients’ innate immune system to detect and destroy cancer cells.”
The company has two lead molecules, TTI-622 and TTI-621, which block the signal-regulatory protein α (SIRPα)–CD47 axis.
Trillium says CD47 is a “don’t eat me” signal that cancer cells frequently use to evade the immune system.
The company says the SIRPα–CD47 axis “is emerging as a key immune checkpoint in hematological malignancies.”
Hematological malignancies are cancers that affect the blood, bone marrow, and lymph nodes.
The two molecules are currently in Phase 1b/2 development across several indications, with a focus on hematological malignancies.
Trillium’s CEO, Dr. Jan Skvarka, said, “Trillium has the only known SIRPα–CD47 targeting molecules with clinically meaningful monotherapy responses as well as a strong basis for combination therapies, which is supported by preclinical evidence with a diverse set of therapeutic agents.”
“With Pfizer’s global reach and deep capabilities, we believe our programs will advance more quickly to the patients we’ve always aspired to serve. We believe this is a good outcome for patients and our shareholders.”
Trillium said clinical studies for TTI-622 and TTI-621 so far “have demonstrated activity as monotherapy in relapsed or refractory lymphoid malignancies, including Diffuse Large B-cell Lymphoma (DLBCL), Peripheral T-cell lymphoma (PTCL), Follicular Lymphoma (FL), and other lymphoid malignancies.”
The company said, “Phase 1 data for TTI-622 in 30 response-evaluable patients have shown deep and durable responses in heavily pretreated patients, including two complete responses (CRs), one lasting over 114 weeks, with responses ongoing.”
All adverse events reported in trials so far have been manageable.
“We are encouraged by the early clinical data for TTI-622 and TTI-621 monotherapy for patients with heavily pretreated lymphoid malignancies and early encouraging activity for TTI-622 in patients with multiple myeloma,” said Chris Boshoff, MD, PhD, Chief Development Officer, Oncology, Pfizer Global Product Development.
Quick Six About TRIL Stock
- Trillium Therapeutics was founded in 2004 and is headquartered in Mississauga, Canada.
- The company is an immuno-oncology company developing innovative therapies for the treatment of cancer.
- The company is listed under the ticker TRIL on the Nasdaq in the U.S. and the Toronto Stock Exchange in Canada.
- TRIL stock closed at $6.09 per share on Friday.
- The stock opened today at $17.72 per share.
- Trillium has a market cap of more than $636 million.
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