Pfizer has entered into a definitive agreement to purchase Canadian cancer drugmaker Trillium Therapeutics for $2.26 billion, the company said Aug. 23.
Trillium develops blood cancer drugs designed to boost a person's immune system to detect and destroy cancer cells.
More than 1 million people worldwide were diagnosed with a form of blood cancer in 2020, making up almost 6 percent of all cancer diagnoses. Roughly 700,000 people died of blood cancer the same year, Pfizer said in a news release. Trillium said it expects the acquisition will allow its drugs to reach patients faster.
Pfizer invested $25 million in Trillium in September 2020. The completion of the acquisition is subject to court and regulatory approval.
Shares of Trillium nearly tripled Aug. 23 after the deal was announced, according to MarketWatch.
Read Pfizer's full news release here.