Pfizer To Acquire Trillium Therapeutics for $2.26 Bn
Pfizer has agreed to acquire Trillium Therapeutics, a Mississauga, Ontario, Canada-based clinical-stage immuno-oncology company, for $2.26 billion.
Its two lead molecules, TTI-622 and TTI-621, block the signal-regulatory protein α (SIRPα)–CD47 axis, which is emerging as an immune checkpoint in hematological malignancies. TTI-622 and TTI-621 are SIRPα-Fc fusion proteins that are currently in Phase Ib/II development across several indications, with a focus on hematological malignancies.
In September 2020, as part of the Pfizer Breakthrough Growth Initiative (PBGI), Pfizer invested $25 million in Trillium and Jeff Settleman, Senior Vice President and Chief Scientific Officer of Pfizer’s Oncology Research & Development Group, was named to Trillium’s Scientific Advisory Board. Established in June 2020, PBGI’s goal is 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. Pfizer has committed to providing up to $500 million in total funding to the PBGI.
Under the agreement, Pfizer will acquire all outstanding shares of Trillium not already owned by Pfizer for an implied equity value of $2.26 billion, or $18.50 per share, in cash.
Completion of the acquisition is subject to Pfizer gaining approval of 66.66% of Trillium shareholders as well regulatory approval and customary closing conditions.