Does the golden pot at the end of the rainbow exist? If it does, Pfizer (PFE) probably knows something about it. After reporting a 92% increase in revenues for the second quarter of 2021, the American drug maker has received full FDA approval for its Covid-19 vaccine. This news comes on the same day Pfizer has announced plans to buy the blood cancer therapy specialist — Trillium Therapy (TRIL) — in a deal worth $2.2b. Pfizer has already purchased a $25m stake in Trillium Therapy last September and it will now acquire the remaining shares for $18.50 a piece.
After the combined set of good news, Pfizer’s shares surged 3.9% on the New York Stock Exchange, while Trillium shares nearly tripled on the Nasdaq. Pfizer’s $18.50 purchase price of Trillium shares represents a 203.8% premium compared to the stock’s closing price last week — quite a hefty increase, don’t you think?
why it matters
With its mRNA technology, and now its strides towards battling cancer, Pfizer could have just assured itself the “next big thing” in the world of medicine.