Shares of Trillium Therapeutics Inc.
TRIL,
+3.92%
nearly tripled in premarket trading Monday, skyrocketing 189.3%, after the immuno-oncology company announced an agreement to be acquired by Pfizer Inc.
PFE,
-0.16%
in a cash deal valued $2.26 billion. Under terms of the agreement, Pfizer will pay $18.50 for each Trillium share it doesn't already own, which is 203.8% above Friday's closing price of $6.09. Pfizer's stock rose 4.0% ahead of the open. "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, president of Pfizer Oncology. Trillium's stock has shed 24.1% over the past three months through Friday, while Pfizer shares have rallied 22.4% and the S&P 500
SPX,
+0.81%
has gained 6.9%.