Trillium receives a notable amount in equity stake from pharma giants Pfizer.
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Trillium Therapeutics Inc. (TRIL) shares soared almost 44% in yesterday’s trading session followed by the announcement of receiving $25 million in equity investment by the pharmaceutical giant Pfizer Inc. The other news updated by Trillium was rolling out the positive results of its dose-escalating studies for CD47 product line.
The recent updates by the company have initially pushed the stock’s price in the market. This is a big development for Trillium in a further sign of growing interest among the leading drug makers working on the development of cancer immunotherapy drugs. Pfizer’s investment of $25 million in Trillium shows that the pharmaceutical firms look to share a common interest in changing the future with Trillium’s CD47 pipeline.
The company recently updated the status regarding CD47-targeting antibodies TTI-621 and TTI-622. Trillium’s CD47 pipeline has a vast market and commercial potential that provides cutting-edge treatments for both blood cancers and solid tumors. Talking about the main objective the biotech firm’s lead drug candidates are off to a strong start in the clinic.
This is not the first time that Pfizer, Inc. has invested in a pharmaceutical firm focused on cancer drug candidates. The company has a strong history of purchasing novel cancer assets at a sky-high premium. As the partnership grows between both the firms over time, they might connect into a deeper relationship working together on joint interest.
Trillium Therapeutics agreed with Pfizer, Inc. to sell a total of 2,297,794 common stock shares at a per share price of $10.88, with Trillium obtaining gross proceeds of almost $25 million. TRIL sold the shares to Pfizer in a registered direct offering which was conducted without any underwriter. The company expects the offering to close today, on Sept. 10, depending upon the confirmation of customary closing conditions.
Following the purchase of common stock shares by Pfizer, the Senior Vice President and Chief Scientific Officer, Oncology at Pfizer, Dr. Jeff Settleman will join Trillium’s Scientific Advisory Board (SAB), after the formation of the board.
Trillium is looking forward to utilizing the gross proceeds from the offering to support the ongoing clinical trials of its CD47 program and for general corporate use and working capital.
Market Overview
What should investors do, as the biotech looks promising with its recent projects and sudden investment of Pfizer? Prior to Pfizer’s investment in TRIL, Gilead Sciences made a $5 million payment to purchase the CD47 drug maker. The increasing interest of pharmaceutical firms in Trillium’s CD47 seems to be a notable achievement for the company. Investors can buy few shares and wait until the next step of Pfizer following its investment.
Trillium Therapeutics Inc. (TRIL) currently stands at a market capitalization of almost $1.158 billion. TRIL closed yesterday’s trading session at $13.58 after popping massively up to 44%.
At the time of writing, before hours at 8:20 A.M., TRIL was trading at $13.45 with slightly on a negative side declining by 1%.
