Today’s proving to be a great start to the week for investors in Trillium (NASDAQ:TRIL). The company is being acquired by one of the largest and most well-known biopharmaceutical companies today. As Trillium faces a multi-billion dollar acquisition, and Pfizer (NYSE:PFE) posts its own huge news, TRIL stock is seeing monolithic price momentum.
Trillium is a Canadian biopharma company; its work focuses primarily on targeting a molecule called CD47. CD47 is a signal that tumors use to trick the immune system out of attacking the malignant cells. The company works to fight this molecule using two major products, the TTI-621 and TTI-622 decoy receptors.
The company is seeing giant gains today, thanks to Pfizer’s newly announced acquisition of Trillium. Pfizer, one of the largest producers of the Covid-19 vaccine, is purchasing the oncology outfit for $2.3 billion. Through the deal, Pfizer will purchase all shares of TRIL stock that it doesn’t own at a price of $18.50; this represents a 118% price premium on the stock’s 60-day weighted average.
TRIL Stock Climbs Toward All-Time Highs With Pfizer Acquisition
The news is obviously a massive deal for Trillium; Pfizer is a huge name, with plenty of resources through which Trillium can research its decoy receptors. News of the deal is leading to a TRIL stock buying frenzy. Indeed, the play is seeing over 27 million shares change hands against a daily average of just 1.1 million.
The value of TRIL is soaring over 187% in the opening moments of trading; the stock is surging from its year-low of under $6 to around $17.50. The stock is chasing an all-time high of around $28 dollars.
News of the acquisition is the primary driver of TRIL stock prices, but Pfizer’s own news today is certainly helping to boost investor sentiment. It was announced this morning that Pfizer is winning full approval from the Food and Drug Administration (FDA) for its Covid-19 vaccine formula. As the first Covid vaccine to see full approval, the news could spark a new wave of mandates from employers and places of business. Of course, Trillium is not hurting from this news alongside the acquisition announcement.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.