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Pfizer to Acquire Trillium for $2.26B
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Pfizer to Acquire Trillium for $2.26B

Pharmaceutical and biotechnology giant Pfizer (PFE) has moved forward to strengthen its oncology unit. The company has reached an agreement to acquire clinical-stage immuno-oncology company Trillium for $2.26 billion.

Pfizer will acquire all of Trillium’s outstanding shares for $18.50 each, representing a 118% premium to its 60-day weighted average price. The transaction is subject to customary closing conditions, which include approval by Trillium’s shareholders. The two companies are also required to secure court and regulatory approvals.

With the acquisition, Pfizer will gain access to a valuable portfolio made up of biologics designed to enhance immune systems. Additionally, it should strengthen the company’s edge in oncology with the addition of next-generation immuno-therapeutics for hematological malignancies.

Notably, Trillium is currently working on TTI-622 and TTI-621 molecules, designed to block signal-regulatory proteins and act as a key immune checkpoint. The Trillium takeover should affirm Pfizer’s push to strengthen its portfolio with scientific revolutions that have the potential to bolster its pipeline. (See Pfizer stock charts on TipRanks)

“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,” said Andy Schmeltz, Pfizer Oncology’s Global President & General Manager.

Recently, Cantor Fitzgerald analyst Louise Chen reiterated a Buy rating on the stock and raised the price target to $61 from $53, implying 22.17% upside potential to current levels.

According to the analyst, Pfizer’s efforts to advance its pipeline of products and sales continue to exceed expectations.

Consensus among analysts is a Moderate Buy based on 3 Buys and 8 Holds. The average Pfizer price target of $46.64 implies 6.59% downside potential to current levels.

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