Noah Zivitz

Managing Editor, BNN Bloomberg

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Shares of Trillium Therapeutics surged Monday after the immuno-oncology company, which has a head office in Mississauga, Ont., agreed to be acquired by Pfizer Inc.

Under the terms of the deal, Pfizer will purchase Trillium for US$18.50 per share, which values the company at US$2.26 billion. The deal represents a 118 per cent premium to Trillium’s 60-day weighted average price, according to a release. 

“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,” said Trillium Chief Executive Officer Dr. Jan Skvarka in the release. 

Trillium’s Nasdaq-listed shares surges 190 per cent at the start of the trading, hitting US$17.70.